New govt jacks up oil prices by upto Rs20/litre

Islamabad: The caretaker government, in less than 48 hours of assuming power, has gifted Pakistanis with up to Rs 20/litre increase in the prices of High Speed Diesel and Petrol.

As per the statement issued by the finance division, the price of High Speed Diesel has been jacked up by Rs 20/litre, while petrol has been increased by Rs17.50/litre for the last fortnightly of August (16 to 31).
Petroleum prices in the international market have increased during the last fortnight and as a result the consumer prices in Pakistan are also being revised, said the statement.

Following the upward revision of Rs 17.50/litre, the price of Petrol has increased to Rs 290.45/litre from the previous Rs 272.95/liter. Similarly, with the jump of Rs 20/litre, the price of HSD will reach to Rs Rs293.40/litre from the earlier Rs 273.40/litre.

It is worth to mention here that the in the last revision of its tenure, the PDM government had also increased the prices of Petrol and High Speed Diesel by Rs 19.95/litre and 19.90/litre respectively for the first fortnightly of August.

The main reasons for the increase in the oil prices is due to hike in the international oil market and depreciation of Pakistani rupee against the US dollar. For the next fortnightly, the government has not changed Petroleum Levy on Petrol and HSD and  it will remain at the existing level of Rs 55/litre and Rs 50/litre respectively. The GST will remain zero on  both the products.

Earlier the government used to share  increase/decrease in the prices of HSD, petrol,Kerosene and Light Diesel oil, however since last few fortnightly it is merely sharing the prices of Petrol and HSD.

The prices of petroleum products will be effective from 16 August, 2023 till further revision which is due on 31 August.

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