ISLAMABAD – The price of petrol has hit a new record high, reaching 159.86 per litre, as people across the country continue to face the worsening cost of living crisis.
Imran Khan-led federal government jacked up the price of petroleum products by up to Rs12.03, a notification from the Finance Division said late Tuesday.
The price of petrol broke all previous records as finance ministry officials cited a surge in the international market which resulted in a drastic increase and at the highest level in nearly 8 years.
It also mentioned that despite the unabated increase in the prices since the beginning of the year, Prime Minister Imran Khan deferred the last review of rise in petroleum products’ prices on January 31, 2022 and advised against the Oil and Gas Regulatory Authority’s summary.
The government levied zero per cent sales tax and reduced petroleum levy against the budgeted targets to provide utmost relief to the consumers.
Officials said that the government was bearing a revenue loss of around Rs35 billion on fortnightly basis due to the petroleum levy and sales tax moves.
The government has also made a massive increase in the price of high-speed diesel (HSD). The drastic hike will have a direct inflationary impact on people who are already reeling under high inflation and other effects due to the ongoing Covid pandemic.
Kerosene oil price was also increased by Rs10.08 per litre. It will now be sold at Rs126.56 against Rs116.48 per litre.
There is also an increase of Rs9.43 per litre in the price of light diesel oil (LDO). It will be available at Rs123.97 per litre against Rs114.54. There has been a continuous increase in prices of petroleum products in recent months, not in Pakistan but in parts of the world especially Britain.
Experts said the startling situation in the Middle East and Ukraine had also fuelled more hikes in the prices of petroleum products.
Prices keep soaring as inflation rockets to 21-month high in Pakistan
