ISLAMABAD: Pakistan on Tuesday sharply increased the price of petrol to a new record high level at around Rs160 per liter in the wake of surge in international oil prices.
According to a statement issued by the Finance Division, the government has announced a massive increase in all the petroleum products effective from February 16, 2022.
The government increased the rate of petrol by Rs12.03 to Rs159.86 from Rs147.83. The rate of high speed diesel has been enhanced by Rs9.53 to Rs154.15 from Rs144.62. The government increased the price of kerosene oil by Rs10.08 to Rs126.56 from Rs116.48. Similarly, the rate of light diesel oil has been increased b Rs9.43 to Rs123.97 from Rs114.54.
The finance division in the press release said that the price of petroleum products were showing drastic increase in the international markets and presently are at the highest level since 2014.
“Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products prices on January 31, 2022 and advised against the summary of Oil and Gas Regulatory Authority (OGRA).”
In order to provide utmost relief to the consumers, the government levied zero per cent sales tax and reduced petroleum levy rate against the budgeted targets.
Resultantly, the government is bearing the revenue loss of Rs35 billion (fortnightly) on account of budgeted to existing petroleum levy and sales tax rates.
The finance division said that in the fortnightly review of petroleum products prices, the Prime Minister has considered the recommendations to increase the prices of petroleum products in line with change in the international oil prices. “Despite the increase in the prices of petroleum products, petroleum levy and sales tax have been kept to the minimum,” it added.