Government Raises Petrol and Diesel Prices
The Federal Government of Pakistan has announced an increase in petrol and diesel prices, as reported by News Sources.
According to a notification issued late on December 31, the price of petrol has been increased by 56 paisas per litre, setting the new rate at Rs252.66 per litre. Similarly, the price of high-speed diesel has been raised by Rs2.96 per litre, bringing it to Rs258.34 per litre.
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These price adjustments are part of routine revisions based on international market trends and domestic economic conditions.
Recent Adjustments in Fuel Prices
Earlier on December 15, the government announced stable petrol prices at Rs252.10 per litre, while high-speed diesel saw a reduction of Rs3.05 per litre, with the new price set at Rs255.38 per litre. The price of kerosene oil decreased by Rs3.32 per litre to Rs161.66, and light diesel oil was reduced by Rs2.78 per litre, bringing it to Rs148.95 per litre. These prices took effect at midnight following the Ministry of Finance’s notification.
Impact of Petroleum Levy
The inability to reduce the petroleum levy has contributed to a steady rise in fuel prices. Over the past month and a half, petrol prices have increased by Rs5.07 per litre, while high-speed diesel prices have surged by Rs12.14 per litre since October 16.
According to sources, the government could have mitigated the price hike by reducing the levy. However, restrictions tied to the IMF program limited such measures, resulting in the continued rise in petroleum prices.
