In an expected move, petrol prices in Pakistan were once again increased on February 15th, 2022. The announcement was made late last night after news emerged that Prime Minister Imran Khan had rejected the summary for increase in petrol rates.
New Petrol Rates in Pakistan
As per a notification by Finance Division, the new price of petrol is Rs. 159.86 per liter compared to the previous Rs. 147.83 per liter, meaning it saw a jump of Rs. 12.03.
Meanwhile, High-Speed Diesel (HSD) observed an increase of Rs. 9.53 taking the rate to Rs. 154.15 per liter against the last rate of Rs. 144.62 per liter. The new rate of Superior Kerosene Oil (SKO) is Rs. 126.56 compared to the last price of Rs. 116.48 per liter, meaning its price has been hiked by Rs. 10.08.
And lastly, after seeing an increase of Rs. 9.43, Light Speed Diesel (LDO) will now cost Rs. 123.97 per liter against Rs. 114.54 per liter.
Government’s Stance
The notification by Finance Division read that the prices of petroleum products are showing a drastic increase in the international market. “The prices are presently at the highest level since 2014,” the division said.
The government further said that despite the unabated increase since the beginning of the year, PM Imran Khan advised against any changes in petrol prices by dismissing OGRA’s last summary. “To provide relief to consumers, the government levied 0% Sales Tax and reduced Petroleum Levy (PL) rate against the budgeted targets,” the notification mentioned.
“Resultantly, the government is bearing the revenue loss of around Rs. 35 billion (fortnightly) on account of budgeted to existing PL and ST rates,” the division claimed. “Despite the increase in the price of Petroleum Products, PL and ST have been kept to a minimum,” the finance division concluded.
International Impact on Petrol Rates
We told you yesterday that the petrol prices may go up further due to the ongoing conflict between Russia and Ukraine. Due to the tension, crude oil price reached a seven-year high at $95/barrel. However, there is some good news: the tension between the two countries seems to reduce as oil price dropped to $94/barrel today. So, we can hope that the prices will come down at the end of this month.
What do you think about this increase in petrol prices? Do you think it is justified? Share your thoughts in the comments section.
Thanks to your vigilant reporting author and team PakWheels, I got my car’s tank filled and while the petrol is going to be consumed, however, a saving for the time being has been Allhamdulillah achieved. May your health wealth and eman increase team