Petroleum prices further increased by over Rs8 per litre

ISLAMABAD: Making a new record, the government on Thursday night increased petroleum prices by up to Rs8.14 per litre with immediate effect to ensure revival of the IMF programme.

The decision was announced after 1:30am [Friday] by the ministry of finance. The prime minister had early this week put on hold the increase in the wake of protest by the Tehreek-i-Labbaik Pakistan.

On the basis of tax rates, import parity price and exchange rate, the government increased the price of petrol and high speed diesel by Rs8.03 and Rs8.14 per litre, respectively. Similarly, the prices of kerosene and light diesel oil were increased by Rs6.27 and Rs5.72 per litre, respectively.

Under the notification, the ex-depot price of petrol was fixed at Rs145.82 per litre instead of Rs137.79, showing an increase of Rs8.03. The product is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct bearing on the budget of middle- and lower-middle class.