Petroleum prices skyrocket in Pakistan

ISLAMABAD: The prices of petrol and diesel in Pakistan have skyrocketed in Pakistan.

According to a finance ministry notification, with the Rs8.03 increase, the new price of petrol has been fixed at Rs145.82 per litre for the next fortnight.

Similarly, the new price of high-speed diesel (HSD) — the country’s most widely consumed fuel — has reached Rs142.62 per litre after an increase of Rs8.14 per litre.

According to the notification, the new prices will be effective from November 5.

“On November 1, 2021, the Prime Minister had not agreed with the proposals worked out by OGRA and Finance Division and directed to maintain the prices as notified on October 16, 2021,” read the statement issued by the government.

It, however, added that maintaining the October 16, 2021 petroleum prices had some underlying concerns, for example cash flow issues due to the short recovery of the cost.

“It is important to note that in the previous petroleum prices, already a significant relief was provided to the consumers,” the ministry of finance said.

“The government is cognizant of its responsibility to provide maximum relief to the consumers. This has dented the petroleum levy budget of Rs152.5 billion during July-September 2021 as compared to Rs20 billion realised only.