By Staff Reporter
ISLAMABAD: Pakistan has hiked the price of petrol by Rs10 per litre to Rs282 for the ensuing 15 days because of the plummeting value of the country’s currency, the finance minister said on Saturday.
High-speed diesel, and light diesel oil rates remained stable, whereas the price of Kerosene oil also increased by Rs5.78 per litre to Rs186.07.
Finance Minister Ishaq Dar, in a late-night televised address, said that the government had to raise the prices of petroleum products due to the increase in Brent oil prices internationally over the last 15 days and the depreciation of the rupee against the dollar.
The government is facing a balance of payments crisis, and the depreciation of the Pakistani rupee has pushed up the cost of imported goods, including energy, which makes up a significant part of Pakistan’s import bill.
The Oil and Gas Regulatory Authority (Ogra) had recommended a higher increase, but the government did not pass on the full impact to consumers, Dar said.
The government is charging a petroleum levy (PL) of Rs50 per liter on both petrol and high-speed diesel (HSD), and no general sales tax (GST) to meet one of the International Monetary Fund’s conditions.
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