Petroleum products become more expensive starting August 16. The interim government announced the new prices on August 16.
“Petroleum prices have gone up worldwide over the past two weeks. This has caused prices for consumers in Pakistan to also go up. The government’s Finance Division mentioned this in a statement on Tuesday.
The cost of petrol has risen by Rs17.50 per litre, and the price of high-speed diesel (HSD) has increased by Rs20 per litre.
Earlier, on August 1, the previous government (PDM-led) had already increased the prices of petrol and diesel by Rs19 per litre. They said this was because global oil prices were going up.
The government was supposed to announce new prices on July 31, but they waited to see if they could keep the rates the same or even lower them. They were worried about how the price increase would affect people who were already dealing with high inflation.
Ishaq Dar, who was the finance minister at the time, explained that the price hike was unavoidable because Pakistan had agreed with the IMF to add a petroleum development levy (PDL) to the rates.
The increase in fuel prices, especially for high-speed diesel, will make things more expensive in Pakistan, especially in transportation and agriculture.”
— Ministry of Finance (@FinMinistryPak) August 15, 2023