The government has decreased the price of petrol by Rs 3.05 per liter for the first half of August 2022.

The coalition government has announced another hike in the prices of petroleum products by nearly Rs 14- Rs 18 per liter. The Finance Minister, Miftah Ismail, said that the hike in the prices of petroleum products was due to the conditions set forth by the International Monetary Fund (IMF).

Updated rates after another hike in the prices of petroleum products

Here is the updated list, after the fourth hike in the prices of petroleum products in the last 35 days. The price of petrol is increased to Rs248.74 per liter (after a hike of Rs14.85),  diesel to Rs276.54 per liter (after a hike of Rs13.23), Kerosene oil to Rs230.26 per liter (after a hike of Rs18.83), and light diesel oil to Rs226.15 per liter ( after a hike of Rs18.68).

Product Existing prices
w.e.f
16-06-2022
New prices
w.e.f
01-07-2022
Increase/(-)
Decrease
Petrol Rs233.89 Rs248.74 +14.85
Diesel Rs263.31 Rs276.54 +13.23
Kerosene oil Rs211.43 Rs230.26 +18.83
Light diesel oil Rs207.47 Rs226.15 +18.68

 

Miftah Ismael reiterated that the Imran Khan-led government had decided to increase the price of petroleum products by Rs 4 per liter every month. However, the PTI government broke IMF’s promise and gave subsidies which added significant pressure to the exchequer. The Minister for Petroleum, Musaddaq Malik, said that the incumbent government is focusing on two major things; providing employment to the poor and controlling rising inflation. He further added that the country was facing a similar situation back in 2013.

NA approves Rs 50 per liter petroleum levy

The National Assembly has approved an amendment of the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), caving in to the IMF’s demand of imposing a petroleum tax levy of Rs50. The amendment will allow the government to increase the maximum limit of petroleum levy from Rs30 to Rs50 per liter on all petroleum products in the next financial year 2022-23. The finance minister said that the petroleum levy was at Rs0 currently and reiterated that the government will not impose Rs50 in one go.

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