Govt Increases Petrol Price up to Rs.30 Per Liter

Govt Increases Petrol Price up to Rs.30 Per Liter

The government of Pakistan has decided to increase the petrol price. Finance Minister Miftah Ismail announced a massive hike, and the decision was made in a bid to revive the International Monetary Fund’s $6 billion bailout program.

The petrol price in Pakistan has been increased up to Rs. 30 from 27th May 2022.

Again on 3rd June 2022 under the command of Prime Minister Shehbaz Sharif the petrol prices have been revised, declared the Finance Minister Miftah Ismail during a press conference in Islamabad on Thursday. The media reports revealed that the petrol price in Pakistan increased by up to Rs. 30 and the government has approved it after consultation. According to industry sources, the petroleum prices in Pakistan are to be increased by up to Rs.30.

Now Finance Minister Miftah Ismail announced a massive hike in the price of petroleum products in Pakistan after the International Monetary Fund (IMF) emphasized abolishing the subsidies on the commodities.

The federal government implemented the final decision regarding the increase in the petrol price and the prices of other petroleum products in Pakistan.

The new prices of petroleum products in Pakistan are as follows according to a notification issued by the Finance Division:

ProductsCurrent Prices (Rs/ltr)New Prices (Rs/ltr)Price Increase (Rs/ltr)
PetrolRs.179.86Rs. 209.86Rs. 30
High-Speed Diesel FuelRs. 174.15Rs. 204.15Rs. 30
Kerosene OilRs. 155.56Rs.181.94Rs. 26.38
Light Diesel FuelRs. 148.31Rs. 178.31Rs. 30

on 15th January 2022, the government announced a Rs 3.01 increase in the price of petrol due to the rising petroleum prices in the international market.

A few months ago while speaking about the record hike in petroleum product prices in Pakistan, Ex-Finance Minister Shaukat Tarin claimed that petroleum prices were on the rise globally.

Earlier the unsteadiness in the prices of petroleum products in the global market over the last few months led the Oil and Gas Regulatory Authority (OGRA) to recommend an increase of Rs. 10.27 per liter petrol price in Pakistan. The prices of petroleum products got increased due to the prices of petroleum products in the global market over the last year.

 In January 2022, PM Imran Khan rejected the Ogra Summery regarding the increase in Petroleum prices in Pakistan.

The statement issued by the Shahbaz Gill Special Assistant to Prime Minister revealed that OGRA had recommended an increase in Petrol prices in Pakistan. However, the government rejected the OGRA proposal.

It is worth mentioning here that the ex-government had decreased the price of petrol and other petroleum products many times in 2021 and also revised the price in January 2022 due to the unsteadiness of petroleum products prices in the global market over the last few months government has taken this step.

Finance Minister Miftah Ismail revealed that despite the hike in the Petrol Prices in Pakistan, the Government was still bearing a loss on these commodities. After the establishment of the new government under the leadership of the Prime Minister Shehbaz Sharif you may expect a further increase in Petroleum Products’ prices because Pakistan and the IMF could not reach a staff-level agreement a day earlier after the Fund said there were deviations from the policies that were agreed between both sides.

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