Government raises petroleum prices by Rs 12 per litre

The government has sharply increased the prices of petroleum products by Rs. 12 per litre. According to the notification issued by Finance Division, the price of petrol has been increased by Rs. 12.3 per litre and the new price of the petroleum will be Rs. 159.86 per litre. 

The notification further stated that the price of high speed diesel has been increased by Rs. 9.53 per litre to Rs. 154.15 per litre. The government has also increased the price of Kerosene by Rs. 10.8 and the new price will be Rs. 126.56 per litre. The Finance Division has increased the price of light diesel oil by Rs. 9.43 per litre, after which the new price will be Rs. 123.97 per litre.

The new prices of petroleum products will be implemented on February 16 from 12 noon.

“The prices of petroleum products in the global market have risen sharply and are currently at their highest level since 2014,” the Finance Division said in a notification.

Petroleum Prices Most Likely To Increase?

The notification also stated that Prime Minister (PM) Imran Khan had rejected the proposal to increase the price of petrol on January 31 despite the increase in prices earlier this year and had directed against the OGRA summary. The Finance Division is of the view that in order to provide relief to the consumers, the government reduced the sales tax to zero percent and petroleum levy against the budget targets, as a result of which the government had to bear a sudden loss of Rs. 35 billion.

The statement said that the PM had approved the propsal to increase the price of petrol in view of the increase in the prices of petroleum products in the global market and tried keeping the increase to a minimum.

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Earlier, the prices of petroleum products were estimated to increase by Rs. 6 to 12 for the next 14 days.

The benchmark crude oil price has risen from 92 per barrel to 95 per barrel in the last 15 days, while the exchange rate has improved marginally.

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