Another Petrol Bomb, New Price Rs290.45 with an increase of Rs17.50
Ministry of Finance on Tuesday notified an increase in petrol price by Rs17.50 per litre, taking it to Rs290.45.
Other than that, the price of high speed diesel was also increased by Rs13 per litre, and kerosene oil by Rs2.56 per litre. However, the price of light speed diesel was kept unchanged.
Earlier today, the sources privy to the development said a comprehensive document outlining potential adjustments to the pricing of petroleum products had been meticulously crafted.
“Petroleum prices in the international market have increased during the last fortnight. As a result the consumer prices in Pakistan are also being revised,” the Finance Division said in a statement late Tuesday.
The petrol has been increased by Rs17.50 per litre while high speed diesel (HSD) hiked by Rs20 per litre.
The new fuel prices are effective from August 16.
The sources added that the price of petrol was poised to soar by an estimated Rs12 per litre, while diesel was expected to command an even heftier increase of Rs20 per litre.
On August 1, Shehbaz Sharif-led government decided to jack up petrol prices by a staggering Rs19.95 per litre and diesel price by Rs19.90 per litre.
Ishaq Dar, who made the announcement as the finance minister for the last time as his government’s dissolved on August 12, said the increase was inevitable as Pakistan had agreed with the IMF on slapping petroleum development levy (PDL) to the rates.
The hike in the price of fuel particularly high-speed diesel will trigger further inflationary pressures in the country as it is widely used in the transport and agriculture sector.
On the other side, the recent data from the Institute of Statistics underscores the economic implications, revealing a substantial 40 per cent drop in the annual imports of petroleum products during the month of June.
In stark contrast to the previous year, where imports tallied at a formidable 418 billion rupees, the same period this year witnessed a significant contraction, with petroleum imports plunging to 252 billion rupees.
Simultaneously, the global crude oil market had been experiencing its own tumultuous journey, marked by significant fluctuations in prices. Reports indicate that Brent oil prices underwent a 1 per cent decrease, settling at 85.74 dollars per barrel.
A parallel drop was observed in the US crude oil market, with prices sliding by 1.3% to stand at 82.12 dollars per barrel.
