After recently increasing electricity tariffs, the government announced its intention to raise petroleum product prices considerably for two weeks from tomorrow. The Ministry of Finance notification announced that petrol would cost Rs9.99 per liter and high-speed diesel Rs6.18 per liter.
Detailed Breakdown of New Petroleum Prices
Here is what the new pricing structure looks like:
- Petroleum: After a Rs 9.99, consistent with the liter hike, petrol now costs Rs275.60.
- High-Speed Diesel: The new fee for high-speed diesel is Rs 283.63 after a boom of Rs 6.18, consistent with a liter.
- Kerosene Oil: The price of kerosene fat has been raised from Rs1. Eighty-five per liter to Rs183.Seventy-one.
- Light Diesel Oil (LDO): With a mild increase of 24 paise, the new rate of Light Diesel Oil stands at Rs166.25.
Consistent Petroleum Levy
Despite these price hikes, the petroleum levy on petrol and diesel remains unchanged at Rs60 per liter. This charge has been maintained as part of the fiscal responsibility measures needed for revenue generation without making any other adjustments.
Official Approval and Implementation
According to officers familiar with the matter who spoke on condition of anonymity. Prime Minister Imran Khan approved an increase in petroleum prices earlier today. Following this, the Ministry Of Finance issued necessary notifications late at night regarding revised rates for different fuels. So that they can be implemented starting at midnight today, thereby ensuring immediate effect across all retail outlets throughout Pakistan. At once without delay, sometimes experienced due to procedural delays caused during working hours or otherwise under everyday situations when such approvals are given before office closing time, usually referred to as office order affecting change with the retroactive effect, but this time everything was done promptly because there was no reason why it should be delayed anymore since PM had already given his approval.
Context of Recent Price Adjustments
This is the second time in less than a month that fuel prices have been revised upwards. On June 30, petrol rates were increased by Rs7.45 per liter, while high-speed diesel saw an increase of Rs9.56 per liter amidst global oil price fluctuations and domestic fiscal adjustments to ensure macroeconomic stability and revenue enhancement measures.
Impact on Public & Economic Considerations
The rise in petroleum product prices is expected to affect various sectors of the economy, such as transport and logistics. This may lead to higher costs for goods & services, etc., thus creating inflationary pressures on the general public. Who are already under financial stress due to higher fuel costs. Therefore, these challenges must be realized while maintaining international oil price alignment with fiscal prudence. The government seeks sustainable economic management. In comparison, monitoring adverse effects through appropriate mitigation strategies during the implementation stage so that people can cope with new financial realities easily.
