The Petrol Prices in Pakistan are expected to increase soon, which may lead to further inflation for the already burdened population, announced Federal Finance Minister Miftah Ismail during a press conference on Tuesday.
According to some reports, Petrol Prices in Pakistan will increase by Rs. 25 per litre from tonight (8 June 2022). However, we will need to wait for an official notification in this regard.
The increase in the prices of petroleum products will cause further inflation for the already burdened population.
Current Petrol Prices in Pakistan
|PRODUCT||CURRENT PRICE (PKR)|
|High Speed Diesel (HSD)||204.15|
|Light Diesel Oil (LDO)||178.31|
Earlier, Finance Minister Miftah Ismail said that despite the increase in the Petrol Prices in Pakistan, the Government was still bearing a loss on these commodities. “However, we are facing losses of Rs8 on light diesel, Rs9 on petrol, and Rs23 on high-speed diesel,” he said, adding that Kerosene Oil was the only commodity which was not leading to losses for the government.
The Government not only plan to completely remove the subsidy from petroleum products but add levies and taxes, which were brought to zero by the former PTI Government in order to provide relief to the masses. These tough decisions are being taken as the government is trying to restore the International Monetary Fund (IMF) loan programme.
Furthermore, the price of crude oil has gone up in the international market as well after a partial ban by the European Union (EU) on the import of crude oil from Russia. This will lead to massive increase in prices of these commodities in the coming days.