For the third time since May 27, the government announced an increase in the price of petroleum products late Wednesday. The new price of petrol has been established at Rs. 233.89 per liter, while the new price of diesel has been set at Rs. 263.31 per liter by the government.
The price of petrol has gone up by Rs. 24.03 per liter, the price of diesel has gone up by Rs. 59.16 per liter, and the price of kerosene and light diesel oil has gone up as well.
Finance Minister Miftah Ismail announced the decision at a news conference with Minister of State for Petroleum Musadik Malik and Information Minister Marriyum Aurangzeb.
With this increase, the price of petrol will be Rs. 233.89 per liter, diesel will be Rs. 263.31, kerosene oil will be Rs. 211.43, and light diesel oil will be Rs. 207.47 per liter beginning June 16.
The finance minister stated during a news conference that the government had no alternative but to pass on the burden of overseas pricing to consumers.
Finance Minister Miftah Ismail recently told a private news program that eliminating petroleum product subsidies until July was necessary to save the government from going bankrupt. The International Monetary Fund (IMF) has requested that the government remove subsidies on petroleum goods, according to the minister.
The government hiked the cost of all petroleum products by Rs. 30 per liter on May 27 in response to the IMF’s demand that subsidies on petroleum goods be eliminated. Only a few days later, another rise of Rs. 30 per liter occurred.
Petrol and high-speed diesel were priced at Rs. 149.86 and Rs. 144.15 per liter before the rise on May 27. Kerosene and light diesel oil were also priced at Rs. 125.56 and Rs. 118.31 per liter, respectively.
It’s worth noting that the federal government has set a goal of collecting Rs. 750 billion in petroleum development levy revenue in the fiscal year 2022-23.