Govt hikes petrol, diesel prices by over Rs8 per litre

ISLAMABAD: The government early Friday jacked up the prices of petrol and diesel by more than Rs8 per litre.

According to a notification issued by the Finance Division, the price of petrol has been hiked by Rs8.03 to Rs145.82 per litre while that of high-speed diesel by Rs8.14 to Rs142.62 per litre.

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Likewise, the price of light diesel has gone up by Rs5.72 per litre and it will now cost Rs114.07/litre while the rate of kerosene oil has been pushed up by Rs6.27 to Rs116.53 per litre. “On November 1, 2021, the Prime Minister had not agreed with the proposals worked out by OGRA and Finance Division and directed to maintain the prices as notified on 16 October 2021,” reads the notification.

“It is pertinent to mention that maintaining the 16 October 2021 petroleum prices had some underlying concerns for e.g. cash flow issues due to the short recovery of the cost. It is important to note that in the previous petroleum prices, already a significant relief was provided to the consumers.”

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It said that the government is “cognizant of its responsibility to provide maximum relief to the consumers. This has dented the Petroleum Levy budget of Rs.152.5 billion during July-September, 2021 as compared to Rs20 billion realized only.”

The Finance Division said the prices of petroleum products have been increased “partially as compared to the prices being worked out by OGRA.” “If the Government had accepted OGRA’s recommendation, the new prices would have been much higher,” it added.