The government has announced increasing the prices of petroleum products, 24NewsHD TV channel reported Tuesday.
The petrol price has been increased by Rs12.3, high speed diesel Rs9.53 per litre, kerosene at Rs 10.8 per litre.
The finance division in the latest statement said the prices of petroleum products are showing a drastic increase in the international market and presently are at the highest level since 2014.
The price of petrol reached Rs159.86 per litre, high speed diesel Rs154.15 per litre, kerosene Rs126.56 per litre and light diesel Rs123.97 per litre.
Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products' prices on January 31, 2022, and advised against the summary of OGRA.
The finance division stated that the government had also levied 0% sales tax and reduced the levy to provide “relief” to the consumers against budgeted. The finance division said that the “relief” had led the government to bear a revenue loss of around Rs35 billion fortnightly.
“In the fortnightly review of Petroleum Products' prices, the prime minister has considered the recommendation to increase the prices of petroleum products in line with the change in the international oil prices. Despite the increase in the prices of petroleum products, Petroleum levy and sales tax have been kept to the minimum,” said the notification.