New petroleum prices in Pakistan from June 16, 2022

New petroleum prices in Pakistan from June 16, 2022

ISLAMABAD: Pakistan on Wednesday announced yet another hike in petroleum prices effective from June 16, 2022.

Finance Minister Miftah Ismail at a press conference announced the increase in prices of petroleum products.

It is third consecutive increase in petroleum products. The government massively increased the prices of petroleum products.

READ MORE: New petroleum prices in Pakistan from June 03, 2022

The finance minister announced an increase of Rs24 per liter in price of petrol.

The price of petrol increased by Rs84 to Rs233.89 from Rs149.89 as of May 26, 2022.

Similarly, the government announced to increase the price of diesel to Rs263.31 per liter effective from June 16, 2022. The rate of high speed diesel has been increased by Rs59 per liter. The rate of this product was Rs144.16 as of May 26, 2022. A cumulative increase of Rs119 during past 20 days.

New prices of petroleum products with effect from June 16, 2022 will be as follows;

i. MS ( Petrol) Rs. 233.89/Liter

ii. High Speed Diesel(HSD) Rs. 263.31/Liter

iii. Kerosene (SKO) Rs. 211.43/Liter

iv. Light Diesel Oil (LDO) Rs. 207.47/Liter.

READ MORE: Petroleum prices in Pakistan from June 01, 2022

Previously, the petrol prices have been increased up to Rs60 per liter during May 27 to June 02.

The Finance Minister Miftah Ismail announced the increase in prices of petroleum products twice to persuade the International Monetary Fund (IMF) to release the next tranche of around $1 billion.

The PTI government during its tenure maintained the petrol prices by granting huge subsidized rates to facilitate the citizens. As though the new government still kept the same subsidy on petrol till May 26, 2021.

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However, on account of pressure by IMF and the high price of oil in the international market has left no option for the government to minimize the prices.

According to the sources, the government may further increase the petroleum prices tonight to meet the IMF demand.

It may be mention here that the government has very few choices in not revising the prices of petroleum products because of high international oil prices and sharp decline in rupee value.

READ MORE: Share of domestic electricity consumption declines

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