ISLAMABAD: The increase in petroleum product prices in the international market has been substantial during the current fortnight.
The price of MS (Petrol) rose from $89.14 per barrel on 16th July 2023 to $97.39 on 31st July 2023, while the price of High-Speed Diesel increased from $96.26 to $111.46.
The cost of petroleum products in Pakistan is directly tied to international prices, making the increase in domestic prices unavoidable and beyond the control of the Government of Pakistan.
Consequently, the consumer prices of petroleum products will be effective from 1st August 2023.
A Week Before Quitting, Govt Raises Petroleum And Diesel Prices By Rs 20/Liter
Just a week before quitting, the government exploded the petrol bomb on Tuesday. Finance Minister Ishaq Dar announced a Rs 20 per liter increase in the prices of petrol and diesel from today.
Dar did not forget to mention that the government took this step in line with “national interests.” Below are the new prices of petrol and diesel.
| Product | Existing Prices W.E.F 16.07.2023 | New Prices W.E.F 01.08.2023 | Change |
| Petrol | Rs253 | Rs272.95 | Rs19.95 |
| Diesel | Rs253.50 | Rs273.40 | Rs19.90 |
The government delayed the announcement of an increase in the rates of petrol. Originally the government was supposed to announce it on the night of July 31. However, Ishaq Dar made the announcement on Tuesday morning that too in the national interest.
Dar stated that the price hike was inevitable.
He explained that Pakistan had agreed with the IMF to impose a petroleum development levy on the rates.
