Petrol Price Reached All-Time High at Rs.147.83

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After the latest hike of Rs. 3, petrol price has reached record-high at Rs147.83. Meanwhile, the cost of High-Speed Diesel (HSD) has also been increased by Rs. 3, taking the rate to Rs. 144.62 from previous Rs. 141.62.

Meanwhile, after seeing a similar jump of Rs. 3, the new price of Kerosene Oil is Rs. 116.48 compared to the old rate of Rs113.48. Lastly, Light Diesel Oil (LDO) saw an increase of Rs. 3.33, meaning it will now cost Rs114.54 against Rs. 111.21.

Statement by Finance Division

The finance division said that the petroleum products are showing a fourth straight weekly gain in international market. “They witnessed an increase of 6.2% during last week,” the division stated.

The authority added that the existing Petroleum Levy (PL) and Sales Tax rate on various petroleum goods are much below than targets in the budget. “Against the recommendation of OGRA for an increase of Rs. 5.52/litre in petrol and Rs. 6.19/litre in high-speed diesel prices, the prime minister has directed to absorb the international prices through a further cut in sales tax from last fortnight” the statement read. 

“Finance ministry would take a hit of Rs. 2.6 billion revenue because of reduced sales tax. “Therefore, the government has decided to make a partial increase in the prices of petroleum goods to provide relief to the end consumers,” the division explained.

The new prices are implemented from January 16, 2022.

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 were in effect from January 1 till the 15th.

What do you think about the new price hike? Do you think it is justified? Share your thoughts in the comments section.

 

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  1. Khurram says

    Shukar Allhamdulillah, given the kind of actions that are observed by certain Pakistanis, they deserve this price hike. Reason, people in power are coming from the public and well here is an instance that I noted today, it involves a car.
    At Fajjar namaz I saw a man, about 30 or 35, cleaning his nose and than putting that excrete on the chrome garish of trunk lid of a car parked in Masjid’s parking. What a wonderful display of etiquette! The mother who raised him should be really proud. Aside that imagine owner’s pain that he must have gone through at the sight of napaki placed on his shiny new Corolla.

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