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Economy

Petrol and diesel prices increased by Rs 22 and Rs 17 per liter to win IMF support

ISLAMABAD: The coalition government increased the petrol and diesel prices to a record high level after Wednesday midnight.

A notification from the Finance Division stated that the new prices would be effective from Feb 16, 2023.

The government has increased the petrol price to Rs 272 after incorporating an increase of Rs 22.20 per liter. Earlier, the retail price of petrol stood at Rs 249.80/liter.

Meanwhile, the price of high-speed diesel also recorded an increase of Rs17.20 _ to a new high of Rs280 per liter from Thursday.

HSD is primarily used in heavy transport and cargo vehicles. This fuel drives the national supply chain for all products _ apart from being essential fuel for agriculture.

The new prices will come into effect from 12am tonight.

ProductExisting prices w.e.f 29/1/2023New prices w.e.f 16/2/2023Increase 
Petrol249.8027222.20
High speel diesel262.8028017.20
Kerosene189.83202.7312.90
Light diesel oil187196.869.68

The increase in domestic petroleum products was one of the upfront demands of the IMF attached to the resumption of the stalled loan.

The price of kerosene oil saw the third-highest increase at Rs 12.90. Its new price stood at Rs202.73 per liter.

Meanwhile, with a modest increase of Rs9.68, light diesel will now be sold for Rs196.68/liter.

The coalition government has enhanced the prices of petroleum products because of a steep dip in the value of the rupee against the dollar.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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