Petrol price in Pakistan has been revised by the federal government for the next fortnight. The new prices will be applicable from December 1, 2024. According to a notification by the Ministry of Finance, the rate of petrol is hiked up by Rs. 3.72/liter, taking the rate to Rs. 252.10/liter from Rs. 248.38/liter, and the price of diesel is revised by Rs. 3.29/liter, meaning its new cost is Rs.258.43 /liter against the last Rs. Rs. 255.14/liter.
Earlier, the Petroleum Ministry sent the proposal to the Finance Ministry, where the new prices were decided after a consultation between Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif.
Earlier Prediction About Petrol Price in Pakistan
Earlier media reports suggested that the petrol price in Pakistan is expected to go up for the next fortnight. The federal government was likely to announce a hike in petrol and diesel prices, set to take effect from December 1 to 15. The petrol price was expected to increase by Rs. 3.15/liter, diesel by Rs. 3.20/liter, and kerosene oil by Rs. 4/liter.
The primary reason behind this rate revision is the fluctuation in the global crude oil prices.
Earlier this month, sources also reported that the IMF had proposed to impose an 18% general sales tax (GST) on petroleum products and an increase in the Petroleum Development Levy (PDL) from the current Rs. 60 to the new Rs. 70 per liter. However, no official announcement from the government has so far been made in this regard. It is important to mention that there is no GST on fuel prices currently.
The prices of petroleum goods are directly linked to the rate of inflation in Pakistan, as the rates of daily commodities change with them. A reduction in prices brings relief, but if prices go up, the inflation rate also sees an upward trend, burdening the masses.
What is your take on the new petrol price in Pakistan? Please share your thoughts with us in the comments section.
