Govt Increases Price of Petrol by Rs. 19.95 Per Liter
In accordance with obligations made to the IMF, the federal government announced a significant hike in the price of petroleum products on Tuesday morning with immediate effect.
Ishaq Dar, the finance minister, made the announcement in televised remarks earlier today. According to the revised pricing, the cost of gasoline has climbed by Rs. 19.95 per litre and the cost of high-speed diesel has gone up by Rs. 19.90 per litre.
Due to the rise, the cost of gasoline has increased to Rs. 272.95 per litre, while the cost of HSD has increased to Rs. 273.40 per litre.
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On July 31, the government was supposed to release new rates. However, they were not released because officials tried to keep them the same or even lower them, taking into account how the price increase would affect those already suffering from inflation.
The price of HSD and MS has increased in the previous 15 days, according to the finance minister. According to him, the administration spent all night reviewing the “working” of the OGRA. “The delay was because we were looking at if there were ways to reduce rates and if there was some leeway in the working,” he said.
“In the best interests of the nation, the calculated minimum increase must be approved, and HSD will now cost Rs. 273.40 instead of Rs. 19.90. Additionally, the cost of gasoline has increased by Rs. 19.95 to Rs. 272.75 per litre, according to him.
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Dar went on to say that everyone is aware of Pakistan’s international agreements with the International Monetary Fund about the petroleum levy. The administration would have announced a smaller rise if they hadn’t been present, but everyone is aware of the standby arrangement, he continued.
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