Petrol price expected to rise by Rs10 per litre in Pakistan amid Russia-Ukraine crisis

ISLAMABAD – The prices of petrol and high-speed diesel are expected to increase by about Rs10 per litre amid the soaring price of crude oil in the international market.

Reports in local media said the new petroleum prices will be applied for the next fortnight as crude oil rates have gone up in the international market following Moscow’s invasion.

The prices of kerosene and light diesel oil (LDO) have been estimated to increase by about Rs4 and Rs3.70 per litre.

Earlier this month, the crude oil price was hovered around $94 a barrel which past $100 a barrel for the first time since 2014 after Thursday’s development.

Oil and Gas Regulatory Authority (OGRA) chairman Masroor Khan earlier this week hinted at another hike in the prices of petroleum products from March 1, 2022.

Earlier this month, the federal government increased the petroleum levy on all petroleum products by Rs4 per litre in light of the International Monetary Fund (IMF) pre-requisites for EFF.

As of now, the general sales tax is zero on all petroleum products against 17 per cent normal GST, as the PTI government reduced GST on major products however, officials raised the rate of petroleum levy by Rs4 on the first of every month.