Petrol price hits historic high in Pakistan after Rs12.03 hike

  • Pakistan will increase costs of petrol, high-speed diesel, kerosene, and lightweight diesel oil
  • Excessive-speed diesel’s new value per liter is Rs154.15, an increase of Rs9.53

ISLAMABAD: Pakistan elevated the costs of petrol, high-speed diesel, kerosene, and lightweight diesel oil on Tuesday, saying the brand new charges can be relevant from Wednesday, February 16.
The federal government has confronted criticism for growing gas costs throughout the previous couple of months amid rising inflation, although its prime officers argue Pakistan nonetheless presents petroleum merchandise on the most cost-effective charges within the area.
The nation fixes these costs on a fortnightly foundation to cross on the affect of fluctuating worldwide costs to customers.
“The costs of Petroleum Merchandise are displaying a drastic improve within the worldwide market and presently are on the highest since 2014,” an announcement from the Finance Division stated on Tuesday, including that regardless of the unabated improve because the starting of the yr, Prime Minister Imran Khan had deferred the final evaluate of petroleum costs on January 31, 2022.
“To supply utmost reduction to the customers, the federal government levied zero p.c Gross sales Tax and lowered the Petroleum Levy charge towards the price range targets,” the assertion stated.
With a rise of Rs12.03, petrol will now be out there for Rs159.86 and high-speed diesel at Rs154.15, an increase of Rs9.53. Kerosene will likely be offered for Rs126.56 per liter after a rise of Rs10.08 whereas mild diesel oil will likely be out there for Rs123.97 after an Rs9.43 improve in its earlier charge.
The Finance Division stated the federal government was bearing a income lack of round Rs35 billion (fortnightly) “on account of budgeted to current PL [Petroleum Levy] and ST [Sales Tax] have been saved to the minimal.”

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