ISLAMABAD: The finance division of the ministry of finance on Thursday issued new prices of petroleum products effective from May 27, 2022 after a raise of Rs30 per liter on all petroleum products.
The new prices of petroleum products are as follow:
The rate of petrol has been increased to Rs179.86 per liter from Rs149.86.
The price of high speed diesel (HSD) has been jacked up to Rs174.15 per liter from Rs144.15.
The rate of kerosene oil has been increased to Rs155.56 per liter from Rs125.56.
The price of light diesel oil has been increased to Rs148.31 per liter from Rs118.31.
About couple of hours ago, Finance Minister Miftah Ismail announced to raise the prices of all petroleum products in order to comply with the demand of International Monetary Fund (IMF) for continuation of bailout package. Pakistan will get around $1 billion tranche under Extended Fund Facility (EFF) after fulfilling the IMF demand.
The finance division in a press release said that maintaining the existing petroleum products prices at the existing subsidized rates is constantly increasing the twin deficit for the government besides posing huge risk for energy supply chain.
Also Oil Marketing Companies (OMCs) and refineries are facing difficulties in getting confirmation of international banks for LCs/SBLCs, reluctance of local banks in opening of LCs and hardships of importers in obtaining insurance coverage for very high prices cargos.
In order to rationalize the petroleum products prices, the government has decided to revise the existing petroleum products prices.
“To keep prices of petroleum products affordable, prices are increased partially and new prices effective from May 27, 2022,” the finance division said.