The federal government has issued New Petrol Prices in Pakistan to a historic high in a bid to appease the International Monetary Fund (IMF) for unlocking the critical loan tranche, hours after unveiling a tax-loaded ‘mini-budget’.
The new prices will come into effect from 12 am tonight, a press release from the Finance Division read.
The price of petrol has been moved up to Rs272 per litre after an increase of Rs22.20, the division said, noting that the surge has taken place due to the rupee’s devaluation against the dollar.
The price of high-speed diesel has been increased to Rs280 per litre after a hike of Rs17.20. Kerosene oil will now be available at Rs202.73 per litre following an Rs12.90 hike. Meanwhile, light diesel oil will be available at Rs196.68 per litre after an increase of Rs9.68.
| Product | Existing prices w.e.f 29/1/2023 | New prices w.e.f 16/2/2023 | Increase |
| Petrol | 249.80 | 272 | 22.20 |
| High speel diesel | 262.80 | 280 | 17.20 |
| Kerosene | 189.83 | 202.73 | 12.90 |
| Light diesel oil | 187 | 196.86 | 9.68 |
The increase in the price of petroleum products was one of the preconditions of the IMF, which will lead to an increase in the already record-high inflation.
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