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Wednesday 24 July, 2024
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Petrol and diesel prices increased by Rs 20 per litre from 16 August 2023

BY Faizan Ahmed Aug 16, 2023. 12:16 am UPDATED: Aug 16, 2023. 12:16 am

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In response to a spike in global oil prices, the caretaker government has hiked the price of petroleum goods by up to Rs20 per litre.

“Petroleum prices in the international market have increased during the last fortnight. As a result the consumer prices in Pakistan are also being revised,” the Finance Divison said in a statement late Tuesday.

Petrol prices have risen by Rs17.50 per litre, while high-speed diesel (HSD) prices have risen by Rs20 per litre.

On August 1, the former Pakistan Democratic Movement (PDM)-led government proposed a hefty Rs19 per litre hike in petrol and diesel prices, citing rising global oil costs.

The announcement was scheduled on July 31, but the government did not issue new rates because officials sought to retain or cut rates in order to mitigate the impact of the price increase on inflation-weary citizens.

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Ishaq Dar, who announced the rise as finance minister for the final time before his cabinet was dissolved on August 12, claimed the increase was unavoidable because Pakistan had agreed with the IMF to add a petroleum development levy (PDL) to the rates.

The increase in the price of fuel, particularly high-speed diesel, would cause additional inflationary pressures in the country because it is widely used in transportation and agriculture.

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