The federal government has increased the price of petrol by Rs272 per litre in a bid to appease the International Monetary Fund (IMF) for unlocking the critical loan tranche, hours after unveiling a tax-loaded ‘mini-budget’.
A press release from the Finance Division stated that the new prices would be in effect starting at 12 a.m. tonight.
The price of petrol has been moved up to Rs272 per litre after an increase of Rs22.20, the division said, noting that the surge has taken place due to the rupee’s devaluation against the dollar.
The price of high-speed diesel has been increased to Rs280 per litre after a hike of Rs17.20. Kerosene oil will now be available at Rs202.73 per litre following a Rs12.90 hike. Meanwhile, light diesel oil will be available at Rs196.68 per litre after an increase of Rs9.68.
| Product | Existing prices w.e.f 29/1/2023 | New prices w.e.f 16/2/2023 | Increase |
| Petrol | 249.80 | 272 | 22.20 |
| High speel diesel | 262.80 | 280 | 17.20 |
| Kerosene | 189.83 | 202.73 | 12.90 |
| Light diesel oil | 187 | 196.86 | 9.68 |
