Govt jacks up petrol prices by another Rs14.85 per litre, takes price to Rs248.74

The government announced another hike in the prices of petroleum products on Thursday, with the new ex-depot price of petrol going up to Rs248.74 per litre (after a hike of Rs14.85), and diesel to Rs276.54 (after a hike of Rs13.23).

The old price of petrol was Rs233.89 per litre while diesel was at Rs263.31 per litre.

The higher rates go into effect from July 1.

In the pricing structure, a petroleum levy of Rs10 has been imposed on petrol. Similarly, a levy of Rs5 each has been added to the per-litre prices of high speed diesel, kerosene, and light diesel oil.

"In view of the fluctuations in petroleum prices in the international market and exchange rate variation, the government has decided to apply petroleum levy partially and revise the existing prices of petroleum products as agreed with the development partners," stated a notification from the Finance Division.

Kerosene oil saw a hike of Rs18.83, with the new price now at Rs230.26. A hike of Rs18.68 was implemented on the rate of light diesel oil, taking its price to Rs226.15.

The announcement comes as the National Assembly approved, on Wednesday, an amendment of the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), which would allow the government to increase a maximum limit of petroleum levy (PL) from Rs30 to Rs50 per litre on all petroleum products in the next financial year 2022-23.

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The NA also passed the Federal Budget, 2022-23 by incorporating significant amendments to the Finance Bill, 2022 on the dictation of the International Monetary Fund (IMF).

The passage of the budget for the fiscal year 2022-2023 brings the government one step closer to the revival of the stalled IMF programme.