Not Happy New Year For Pakistanis As Govt Hikes Petrol, Diesel Prices

Islamabad, Jan 1: The Pakistan government has announced an increase in petrol and diesel prices, media reports said.

According to a notification issued late on December 31, the price of petrol has been raised by 56 paise per litre, setting the new price at Rs 252.66 per litre, ARY News reported. High-speed diesel saw a hike of Rs 2.96 per litre, with the new price now Rs 258.34 per litre.

These adjustments are part of the routine changes influenced by global market trends and domestic economic conditions. On December 15, the government announced stable petrol prices at Rs 252.10 per litre, while high-speed diesel prices were reduced by Rs 3.05 to Rs 255.38 per litre.

Additionally, kerosene oil prices decreased by Rs 3.32 per litre to Rs 161.66 per litre, and light diesel oil prices dropped by Rs 2.78 to Rs 148.95 per litre. The Finance Ministry confirmed these adjustments, effective from midnight on December 15.

However, the inability to reduce the petroleum levy has led to significant price increases. Over the past month and a half, petrol prices have risen by Rs 5.07 per litre, and high-speed diesel prices by Rs 12.14 per litre.

Sources attribute this to the government’s restrictions under the IMF program, which prevented a reduction in the petroleum levy. These measures have contributed to the rising costs, adding financial strain amid challenging economic conditions.