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Govt Announces an Increase in Petrol Prices on New Year’s Eve

The federal government, on the eve of New Year, announced another hike in the prices of petroleum products.

According to a notification issued by the Finance Division late on Friday, the price of petrol and high-speed diesel (HSD) will go up by Rs. 4 per liter for the first 15 days of next month. The new prices would come into effect from January 1.

The notification said Prime Minister Imran Khan rejected the proposal by the Oil and Gas Regulatory Authority (OGRA) and advised to increase the price by only Rs. 4 per liter to meet the petroleum levy target agreed with the International Monetary Fund (IMF). It further said that sales tax on petrol and diesel has been adjusted downwards as compared to December 16, 2021, to keep the prices lower.

The price of kerosene (SKO) has also been increased by Rs. 3.95 and light diesel oil (LDO) by Rs. 4.15 per liter.

The increase means the price of petrol will go up from Rs. 140.82 per liter to Rs. 144.82 per liter. Similarly, the price of high-speed diesel will now be Rs. 141.62 per liter, from the previous price of Rs. 137.62 per liter.

The price of light diesel oil will go up to Rs. 111.06 per liter and the price of kerosene will go up to Rs. 113.53 per liter.