Islamabad: On Tuesday (1 August 2023), the federal government increased the petrol prices in Pakistan by Rs19.95 per litre. The hike is applicable for the next fortnightly review.
In his press conference, Finance Minister Ishaq Dar said after a hike of Rs19.95 per litre, the new petrol prices in Pakistan will be Rs272.95. On the other hand, high-speed diesel will now be available at Rs273.40 after an increase of Rs19.90 per litre.
According to Ishaq Dar, the hike has been made due to the commitments made with the International Monetary Fund (IMF) for imposing a petroleum development levy (PDL) on the rates. He added that Prime Minister Shehbaz Sharif was taken into consultation before increasing the prices.
So far, the prices of kerosene oil & light-diesel oil remain the same. Note that the government could be unable to announce the fortnightly adjustment in petroleum products prices on Monday because the consultations continued till the early hours of Tuesday.