The Finance Ministry authorised a Rs 2.13/litre rise in petrol price and a Rs 1.79/litre rise in High-Speed Diesel on Tuesday.
According to a government announcement, the price of kerosene oil will rise by Rs 1.89 per litre, and the price of light diesel will rise by Rs 2.03 per litre.
Petrol was up 2.13 percent, HSD was up 1.79 percent, kerosene was up 1.89 percent, and light diesel was up 2.03 percent.
|Product||Current rate||New rate effective from June 16|
|Petrol||Rs 108.56||Rs 110.69|
|High Speed Diesel||Rs 110.76||Rs 112.55|
|Kerosene Oil||Rs 80.00||Rs 81.89|
|Light Diesel Oil||Rs 77.65||Rs 79.68|
Petrol will now cost Rs 110.69 a litre, HSD will cost Rs 112.55, kerosene oil will cost Rs 81.89, and light diesel oil will cost Rs 79.68.
Major hike in price of petrol likely
Last week, Finance Minister Shaukat Tarin revealed that petroleum product prices will rise in the coming month as talks with the International Monetary Fund (IMF) on tax collection adjustment continue.
He indicated this in a private channel programme ‘Naya Pakistan’ that the petroleum duty would be hiked to Rs. 600 billion in the coming fiscal year, and that the levy would have to be hiked to between Rs. 20 and Rs. 25 per litre, up from the existing Rs. 5 per litre duty.
When asked if Pakistan will leave the IMF programme if the Bank rejects its proposals and insists on its demands, the finance minister said the country would not leave, adding that the Fund had invited Pakistan to deliver its budget so that negotiations could continue.
Saudi Arabia has agreed to send oil on a deferred payment basis, he claimed, but it was unclear how much oil Pakistan would receive.