Ministry of Finance announced the decision to hike petrol prices to new historic high in the wee hours of Friday and the new rates are applicable with immediate effect.
While petrol price in Pakistan has been increased by Rs 8.03 per litre, high speed diesel price was hiked by Rs 8.14 a litre. Kerosene oil price has been increased by Rs 6.27 and light diesel oil rate has been hiked by Rs 5.72 per litre.
The new price of petrol stands at Rs 145.82 per litre after the increase, according to a notification from the finance ministry. Similarly, high-speed diesel will now cost Rs 142.62 per litre. The price of light diesel oil has been fixed at Rs 114.07 per litre after the increase, while the rate of kerosene oil has been jacked up to Rs 116.53 per litre.
“On November 1, 2021, the Prime Minister had not agreed with the proposals worked out by OGRA and Finance Division and directed to maintain the prices as notified on October 16, 2021,” the notification stated.
Read more: OGRA recommended Rs 11.53 increase in petrol price rejected by PM Imran Khan
The government “has absorbed the bulk of pressure after making adjustments in the Sales Tax and Petroleum Levy,” it stated further, adding that otherwise, the prices would have been far higher than the present rates.
“Maintaining the 16 October 2021 petroleum prices had some underlying concerns for example cash flow issues due to the short recovery of the cost,” said the ministry.
|Product||Existing price w.e.f 16-10-2021||New price w.e.f 5-11-2021||Increase|
|Petrol||Rs 137.79||Rs 145.82||Rs 8.03|
|Diesel||Rs 134.48||Rs 142.62||Rs 8.14|
|Kerosene oil||Rs 110.26||Rs 116.53||Rs 6.27|
|Light diesel oil||Rs 108.35||Rs 114.07||Rs 5.72|