A day after Prime Minister Imran Khan warned of a rise in prices of petroleum products, the government on Friday night hiked petrol prices by Rs 8.03 per liter.
According to the notification of the Ministry of Finance, after the increase, the new price of petrol has gone up to Rs 145.82 per liter.
According to the notification, the prices of petroleum products, which have reached the highest level in Pakistan, will come into effect from November 5.
Similarly, the price of high speed diesel has been increased by Rs 8.14 per liter and now it will be Rs 142.62 per liter.
The price of light diesel oil has gone up by Rs 5 72 paise to Rs 114.07 per liter while the price of kerosene has gone up by Rs 6 27 paise to Rs 116.53 per liter.
“On November 1, 2021, the Prime Minister did not agree with the proposals of OGRA and the Finance Division and directed to maintain the prices as informed on October 16, 2021,” the notification said.
The ministry said the government had absorbed most of the pressure after making adjustments in sales tax and petroleum levy. Otherwise the prices would be much higher than the current prices.
The ministry said the government had to raise the prices of petroleum products because “there were some fundamental concerns in maintaining the prices of petroleum on October 16, 2021, for example cash flow problems due to short recovery of costs”.
According to the notification, the government has already provided significant relief to consumers in previous petroleum prices.
|Product||Current price from 16-10-2021||New price from 5-11-2021||Increase|
|Light diesel oil||108.35||114.07||5.72|
In a televised address to the nation on Wednesday, Prime Minister Imran Khan had said that the government would have to increase the prices of petroleum products in the country.
“What can we do if inflation is driven by global factors?” The Prime Minister asked, citing examples of oil and gas prices around the world.
“Yes, we are facing inflation in the country but you should also look at what the government is doing to reduce this situation,” he said, adding that due to factors that are beyond the control of the government. Petrol prices will have to be increased. To be further enhanced.
“If we do not increase the price of petrol, the deficit will increase,” he said, adding that global oil prices have risen by 100 per cent, while the price of petrol in India is Rs 250 per liter.