Government to revise petroleum prices on new year

ISLAMABAD: The federal government is expected to announce a hike in petroleum prices on the first day of the new year, bringing significant news for the public regarding petrol prices, ARY News reported.

According to details, there is a likelihood of an increase in the prices of petroleum products, with diesel prices expected to rise by more than Rs4 per liter. However, petrol prices may remain unchanged. Additionally, kerosene oil prices are anticipated to increase by Rs1 per liter.

Sources from the Petroleum Division revealed that the adjustment in petroleum prices will be announced on December 31, the last day of the year. The Finance Minister, in consultation with the Prime Minister, will finalize and announce the new prices.

It is anticipated that the government may increase petrol prices, but the situation will be clarified once the official notification is issued.

The government of Pakistan on December 15 announced new petrol and diesel prices.

As per details, petrol prices remain stable at Rs. 252.10 per liter. High-speed diesel prices have decreased by Rs. 3.05 per liter, with the new price set at Rs. 255.38 per liter.

In addition, the price of kerosene oil has decreased by Rs. 3.32 per liter, with the new price set at Rs. 161.66 per liter. Light diesel oil prices have also decreased by Rs. 2.78 per liter, with the new price set at Rs. 148.95 per liter.

The Ministry of Finance has issued a notification regarding the new prices, which will come into effect at 12 am tonight.

It’s worth mentioning here that the government’s inability to reduce the petroleum levy has resulted in a significant increase in petroleum prices, with prices rising by Rs 12.14 per liter over the past month and a half.

According to sources, the price of high-speed diesel was increased by Rs 12.14 per liter since October 16, while the price of petrol was risen by Rs 5.07 per liter during the same period.

The government could have reduced the levy to prevent the price hike, but the IMF program restrictions prevented it, sources revealed.