Following a surge in worldwide petrol costs, the government has approved an increase of Rs. 12.03 per liter.
According to a statement issued by the Ministry of Finance, the new price of petrol is Rs. 159.86 per litre, up Rs. 12.03 from the previous price.
According to a statement released by the Finance Division on Tuesday, the price of petroleum products has risen dramatically in the international market and is now at its highest level since 2014.
Despite the uninterrupted rise since the start of the year, Prime Minister Imran Khan has postponed the last review of petroleum product prices until January 31, 2022, and has urged against the OGRA summary.
“In the fortnightly review of Petroleum Products’ prices, the prime minister has considered the recommendation to increase the prices of petroleum products in line with the change in the international oil prices.
Despite increase in the prices of petroleum products, Petroleum levy and sales tax have been kept to the minimum,” it read.
| Product | Existing price w.e.f 01-02-2022 | New Prices w.e.f. 16-02-2022 | Increase (+) / Decrease (-) |
| Petrol | 147.83 | 159.86 | +12.03 |
| High Speed Diesel (HSD) | 144.6 | 154.15 | +9.53 |
| Kerosene Oil (SKO) | 116.48 | 126.56 | +10.08 |
| Light Diesel Oil | 114.54 | 123.97 | +9.43 |
The price of kerosene oil has also increased, which will now be sold at Rs. 126.56 after an increase of Rs. 10.08 per liter. The prices of High-Speed Diesel (HSD) and Light Diesel Oil (LDO) have been increased to Rs. 154.15 and Rs. 123.97 respectively.
Apart from the new petroleum prices, the government has decided to levy zero percent sales tax and reduce it to provide “relief” to the consumers.
To read our blog on “FBR has reduced the sales tax on all petroleum products,” click here.