What are new petroleum prices in Pakistan?

What are new petroleum prices in Pakistan?

KARACHI: The government is likely to revise the prices of petroleum products today June 15, 2022 for next fortnight. Recently, the petrol prices have been increased up to Rs60 per liter during May 27 to June 02.

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

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.

After the increase, the prices effective from June 03, 2022 to till date are:

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

Petrol at Rs209.86 per; High Speed Diesel at Rs204.15 per liter; kerosene oil at Rs181.94 per liter; and light diesel oil at Rs178.31 per liter.

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.

READ MORE: Petroleum levy to generate Rs750 billion

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.

READ MORE: Share of domestic electricity consumption declines

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.