Monday, June 17, 2024

Massive Increase in Petrol & Diesel Prices in Pakistan, Here’re the Latest Rates

The petrol price in Pakistan has been increased by Rs19.95 per litre to Rs272.95 in the latest review. The Finance Minister, Ishaq Dar, explained that this step was taken in the country’s best interests.

The announcement was supposed to be made on July 31, but the government delayed it to consider the impact on inflation and the people’s financial burden.

ProductExisting prices w.e.f 16.07.2023New prices w.e.f 01.08.2023Change
PetrolRs253Rs272.95Rs19.95
DieselRs253.50Rs273.40Rs19.90

The increase was necessary because Pakistan had agreed with the IMF to impose a petroleum development levy (PDL) on the rates. The government had tried to find ways to reduce the impact, but the commitment with the IMF required the price hike.

The finance minister mentioned that they would have reduced the PDL if they were not bound by the IMF agreement.

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