Govt Announces Record-Breaking Increase in Petrol Prices￼
The government has approved an increase of Rs. 12.03 per liter for petrol following a rise in prices in the international market.
According to the notification released by the Ministry of Finance, the new price of petrol after an increase of Rs. 12.03 is Rs. 159.86 per liter.
The Finance Division in a statement on Tuesday explained that 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.
“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 the change in the international oil prices. Despite increase in the prices of petroleum products, Petroleum levy and sales tax have been kept to the minimum,” it read.
The price of kerosene oil has also increased, which will now be sold at Rs. 126.56 after an increase of Rs. 10.08 per liter. The prices of High-Speed Diesel (HSD) and Light Diesel Oil (LDO) have been increased to Rs. 154.15 and Rs. 123.97 respectively.
|Product||Existing price w.e.f 01-02-2022||New Prices w.e.f. 16-02-2022||Increase / (-) Decrease|
|High Speed Diesel (HSD)||144.62||154.15||+9.53|
|Light Diesel Oil||114.54||123.97||+9.43|
Apart from the new petroleum prices, the government has decided to levy zero percent sales tax and reduce it to provide “relief” to the consumers.