Petrol Price May Hit All-Time High of Rs.150 – Sources

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And the news regarding petrol price in Pakistan seems to get bad with every passing day. According to sources, the prices may reach an all-time high of Rs. 150 per litre as the government is planning to hike them on January 15th. And the primary reason behind this is an increase in crude oil prices in the international market. 

The sources stated that the petrol price might go up by Rs. 5, while the diesel rate may increase by Rs. 6. The finance ministry will take a final decision after consultation with Prime Minister Imran Khan. If happened, this would be the second consecutive price increase by the government. 

Previous Price Hike

On January 1st, after the government increased the rates, the petrol price went up by 4 rupees to  Rs. 144.82.

The new diesel price is Rs. 141.62 per litre, 4 rupees more than the old rate.

The new price of kerosene oil is Rs. 113.53 per litre, with an increase of 3.95 rupees. 

The new price of light diesel oil is Rs. 111.06 per litre, 4.15 rupees more than the old rate. 

The new prices are in effect from January 1st till the 15th.

Govt’s Agreement with IMF

The government increased petroleum prices and many other products under an agreement with the IMF (International Monetary Fund). The government had to hike the prices to revive the $6 billion IMF package. What that means is the government has to pay back the IMF loan during the remaining part of the current fiscal year. And that’s why they have to increase the prices.

Under the government, the government has to increase Rs. 4 Petrol Levy (PL) on monthly bases, which is not a good news for the people of Pakistan. With an increase in petroleum products prices, a storm of inflation follows. 

Like all of you, we hope that the prices will come down during 2022, making the lives of the masses easy. 

 

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  1. Khurram says

    Shukar Allhamdulillah Pakistanis are getting comeuppance for their daily doings.

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