ISLAMABAD: Interim government on Friday night notified once again a massive increase in the price of petrol by Rs 26.02 per litre and high speed diesel (HSD) by Rs 17.34 per litre with effect from September 16, 2023.
In a fortnight review, the caretaker government decided to continue increase the price of petrol from Rs 305.36 per litre to Rs 331.38 per litre and HSD price to increase from Rs 311.84 to Rs 329.18 per litre.
Finance Division stated, “Owing to the increasing trend of petroleum prices in the international market, the government has decided to revise the existing consumer prices of petroleum products”.
Kerosene oil price also has gone up to Rs 328.88 per litre from Rs 302.86 per litre.
Petrol price has been increased by 8.5percent and HSD by 5.5 percent. The IFEM has gone up to from Rs 3.77 per litre to Rs 5.37 per litre or Rs 1.6 per litre. The government is charging Rs 60 per litre petroleum levy (PL) on petrol and no general sale tax. The government also passed on to consumers about 88 paisa per litre impact of increase in sale margins for petroleum dealers and marketing companies as per approval from the Economic Coordination Committee (ECC).
Caretaker Prime Minister attributed this price hike to the upward trajectory of global petroleum product prices over the past fortnight. International Brent prices went beyond $92 per barrel in second week on against $88 in the first week of September, 2023.
The surge in petroleum prices has sparked widespread concerns, especially among those already grappling with the consequences of inflation. This price adjustment is anticipated to place additional pressure on transportation costs, essential goods, and services, impacting the daily lives of individuals.
Copyright Business Recorder, 2023