The Federal Government has increased the Petrol Prices in Pakistan from 27 May 2022 after the International Monetary Fund (IMF) emphasized the importance of abolishing the subsidies on these commodities, said Finance Minister Miftah Ismail during a press conference on Sunday.
According to the announcement, the Price of Petrol, High-Speed Diesel (HSD), Kerosene Oil, and Light Diesel Oil (LDO) will be increased by Rs. 30 per litre, effectively from 27 May 2022. This will bring the Petrol Price in Pakistan to Rs. 179.86 per litre, the Price of High-Speed Diesel (HSD) to Rs. 174.15 per litre.
Meanwhile, the Price of Kerosene Oil will be Rs. 155.56 per litre, while the Price of Light Diesel Oil (LDO) will be Rs. 148.31 per litre after the increase of Rs. 30 per litre for both these petroleum products.
Petrol Prices in Pakistan From 27 May 2022
CURRENT PRICE (PKR)
NEW PRICE (PKR)
High Speed Diesel (HSD)
Light Diesel Oil (LDO)
The Finance Minister added that despite the massive increase in the Petrol Prices in Pakistan, the government was still bearing losses. He added that following the increase in the price of these commodities, the financial markets would witness stability and the rupee would strengthen while the economy would get a boost.
However, he said that due to the increase in the Petrol Prices in Pakistan, there will be a rise in the inflation as well, adding that there was no other option at this point. Ismail said that Former Prime Minister Imran Khan had gone against the IMF deal when he announced subsidies on petroleum products.
He also took to Twitter to announce the decision. “Government has decided to increase the prices of Petrol, High Speed Diesel, Kerosene Oil and Light Diesel Oil by Rs 30 per litre from Friday May 27, 2022.” he Tweeted, adding that the new prices will go into effect at midnight.
Government has decided to increase the prices of Petrol, High Speed Diesel, Kerosene Oil and Light Diesel Oil by Rs 30 per litre from Friday May 27, 2022. New prices will go into effect at midnight. The new price of petrol will be Rs 179.86 & diesel will be Rs 174.15 per litre.— Miftah Ismail (@MiftahIsmail) May 26, 2022
Read more: Dollar rate in Pakistan – Daily Updates.