Pakistan govt hikes petrol price by Rs 5.4, crosses Rs 118 per litre

ISLAMABAD: As the country's economy has been dwindling, the Imran Khan-led Pakistan government has increased petrol price by Rs 5.40 per litre and the high-speed diesel (HSD) by Rs 2.54 per litre.

Dawn reported that the Pakistan Tehreek-i-Insaf government on Thursday increased the prices. As of now, the new price for petrol will be Rs 118.09 per litre, diesel will be Rs 116.5 per litre in the country.

Meanwhile, the prices of kerosene and light-diesel oil (LDO) were increased by Rs 1.39 and Rs 1.27, respectively. The new price of kerosene will be Rs 87.14 and that of LDO will be Rs 84.67.

The announcement was made by Special Assistant to Prime Minister on Political Affairs (SAPM) Shahbaz Gill. He said that the premier had decided to give the public "huge relief" by not raising prices based on the recommendations of the Oil and Gas Regulatory Authority ( Ogra).

He disclosed that Ogra, in view of rising petroleum prices in the international market over the last few months, had recommended that the price of petrol be increased by Rs 11.4 per litre. "Contrary to Ogra's recommendations, the prime minister only approved an increase of Rs 5.40 per litre keeping in view public interest," he tweeted.

The government would "endure the burden" that would arise due to not increasing the prices in line with Ogra's recommendations and "giving the public maximum relief", Gill added.

Minister for Information and Broadcasting Fawad Chaudhry said the government had "no choice" but to increase the petrol price in view of the rate in international markets, reported Dawn further.

This is the second time the prices of petroleum products have increased in the last 15 days. The government had previously increased the prices of all petroleum products by up to 4.7 per cent at the beginning of July to pass on the "partial impact" of rise in international prices.

The ex-depot price of petrol was increased by Rs 2 per litre and that of HSD by Rs 1.44 per litre. The ex-depot price of kerosene was increased by Rs 3.86 per litre and that of LDO by Rs 3.72 per litre, respectively.

The Pakistan government had to reduce its tax on petrol and diesel to allow a minimum increase.