Petrol prices peak to historic high in Pakistan

• The prices of petrol has been increased by Rs5.40 for the next 15 days.
• Government says it had no choice but to increase POL prices due to increase in international oil prices.
• The Finance Ministry says it is providing maximum relief to the masses.

ISLAMABAD: The price of petrol reached its highest level in the history of Pakistan after the government announced an increase of Rs5.40 per litre, taking the new price to Rs118.9 per litre.

According to sources in the Petroleum Division, the previous highest price of petrol was Rs 117.83 for a litre announced on August 1, 2019.

Owing to the increase in crude oil prices in the international market, the government raised Thursday the petrol price by Rs5.40 per litre and that of high-speed diesel (HSD) by Rs2.54 per litre for the next fortnight.

Similarly, the prices of kerosene and light-diesel oil (LDO) have also been increased by Rs1.39 and Rs1.27 per litre respectively.

After the increase, petrol will sell at Rs118.09 per litre, diesel at Rs116.53, kerosene at Rs87.14 and LDO at Rs84.67.

The new prices will be effective from today.

‘No choice’

In a tweet, Minister for Information and Broadcasting Fawad Chaudhry said the government had "no choice" but to increase the petrol price because of the rates in the international market.

Comparing petrol prices, he said petrol will be sold at Rs118 per litre in Pakistan, Rs146 per litre in Bhutan, Rs147 in Sri Lanka, Rs167 in Bangladesh, Rs172 in Nepal, Rs189 in China and Rs220 in India.

‘Maximum relief’

A statement released by the finance ministry said the government had been providing maximum relief to the consumers by reducing the prices of petroleum products since April 2021.

It said that although international oil prices had been on the rise, the government took the decision not to pass the entire burden of increase on to the consumers.

The rate of sales tax and petroleum levy have been adjusted in a manner that maximum relief is provided to the consumers.

It further mentioned that the Oil and Gas Regulatory Authority had recommended a Rs11.50/litre increase in the price of petrol, but the prime minister allowed only Rs5.4/litre hike to provide maximum relief to the public.