Pakistan on Wednesday revised the prices of petroleum products that are effective from September 21, 2022.
According to a statement issued by the Finance Division, the government decided to increase prices of petrol by Rs1.45 per liter to Rs237.43 from previous rate of Rs235.98.
However, the government kept the price of high speed diesel (HSD) unchanged at Rs247.43 per liter.
The price of kerosene oil has been reduced by Rs8.30 per liter to Rs202.02 from Rs210.32.
Similarly, the rate of light diesel oil has been reduced by Rs4.26 per liter to Rs198.28 from previous rate of Rs201.54.
The finance division said that in the wake of fluctuating global oil prices and exchange rate variation, the government had decided to revise the prices of petroleum products.
The government review the prices of petroleum products every fortnight. The latest rate revision was scheduled for September 15, 2022 for the period starting from September 16, 2022.
However, the government delayed the review which raises concerns amongst the stakeholders as many believed the government deliberately kept the price at higher side despite significant decline in global oil prices.
A day earlier, Korangi Association of Trade and Industry (KATI) expressed concern over delay in revision of petroleum prices by the government.
KATI President Salman Aslam expressed concern over the government’s delay in changing the prices of petroleum products.
He said that there is a trend of continuous decline in oil prices in the global market, and the government should immediately announce a reduction in the price of petrol so that inflation and production costs can be reduced.