MM News

ISLAMABAD: The government has increased the price of petrol by a whopping Rs19.95 per litre.

The announcement was made by Finance Minister Ishaq Dar in a video statement, mentioning that the step was taken in line with “national interests”.

He announced to raise the price of petrol by Rs 19.95 per litre, and the price of high-speed diesel by Rs19.90.

After the increase, the price of petrol has reached Rs272.95 per litre, while the price of diesel has reached Rs273.40 per litre.

He said the price hike was inevitable as Pakistan agreed on imposing petroleum development levy (PDL) on the rates after signing the deal with the International Monetary Fund (IMF).

Product	Price	New Price	Change
Petrol	Rs 253	Rs 272.95	+19.95
Diesel	Rs 253.50	Rs 273.40	+19.90

The fortnightly announcement is likely the last announcement by the incumbent government which steps down on August 12.

Finance Minister Ishaq Dar remained engaged for hours in consultations which continued in the wee hours of Tuesday but did reach a logical conclusion.

The minister held talks with OGRA chairman, his team, and petroleum division officials, to find ways to avoid jacking up prices or a way to minimize the increase. The meeting ended at 2am without any announcement as all remedies have already been exhausted.

The government already announced a 17.5 percent increase was announced in the price of liquefied petroleum gas (LPG), as well as a 13.5 percent raise in the LPG consumer sale price for August.

According to an OGRA notification, the LPG price was increased by Rs281.5 per domestic cylinder of 11.8 kg. The new producer price is Rs1886.30 per 11.8kg cylinder, while the consumer price is Rs2373.64 per cylinder.