ISLAMABAD – Price of petrol has been increased by Rs12.03 per litre due to increasing prices of the oil prices in the international market, dropping a major bombshell on inflation-hit people.
“The prices of petroleum products are showing a drastic increase in the international market and presently are at the highest level since 2014. Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products’ prices on January 31, 2022, and advised against the summary of OGRA,” said the finance division in the latest statement.
It said that the government had also levied 0% sales tax and decreased the levy in order to provide “relief” to the consumers. It added that the “relief” will cost government a revenue loss to the tune of Rs35 billion.
“In the fortnightly review of Petroleum Products’ prices, the prime minister has considered the recommendation to increase the prices of petroleum products in line with a change in the international oil prices. Despite the increase in the prices of petroleum products, petroleum levy and sales tax have been kept to the minimum,” said the notification.
The new petrol price has been fixed at Rs159.86 after an increase of Rs12.03 per litre. The price of diesel has been increased by Rs9.53 to Rs154.15 while the price of kerosene oil has surged to Rs126.56 per litre after an increase of Rs10.08.
The government has increased the price of light diesel oil by Rs9.43 to Rs123.97 per litre.
