ISLAMABAD: The petrol price in Pakistan has been increased to a record high of Rs147.83 per liter, said a statement issued by the finance ministry on Saturday.
The government announced to increase prices of all petroleum products with effect from January 16, 2022.
According to the notification, the price of petrol has been increased by Rs3.01 to Rs147.83 per liter from Rs144.82.
The price of high speed diesel (HSD) has been increased by Rs3 to rs144.62 per liter from Rs141.62.
The rate of kerosene has been enhanced by Rs3 to Rs116.48 per liter from Rs113.48.
The price of light diesel oil has been increased by Rs 3.33 toRs114.54 per liter from Rs111.21.
According to the notification the decision to enhance domestic prices of petroleum products because the international oil price had registered 6.2 per cent during the last week. Presently, at the highest level since last year.
The existing sales tax rate and petroleum levy on various petroleum products are much below the budgeted targets.
The finance ministry said that against the recommendations of Oil and Gas Regulatory Authority (OGRA) for increase of Rs5.52 per liter in petrol and Rs6.19/liter in high speed diesel prices, the Prime Minister had directed to absorb at the international prices through further cut in sales tax from last fortnight.
The finance ministry will take Rs2.6 billion revenue hit due to reduced sales tax rates.
Therefore, the government has decided to make partial increase in the prices of the petroleum products in order to provide relief to the end consumers.