Government increases petrol, diesel prices

ISLAMABAD: The Federal Government of Pakistan has announced an increase in petrol and diesel prices, ARY News reports.

According to a notification issued late on December 31, the price of petrol has been raised by 56 paisas per litre. The new price of petrol has been set at Rs252.66 per litre.

Similarly, the price of high-speed diesel has been increased by Rs2.96 per litre. The new price for high-speed diesel is now Rs258.34 per litre.

These changes come as part of regular adjustments in fuel prices, which are influenced by international market trends and local economic conditions.

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.