Petrol Price up by Rs 14.85, diesel Rs 13.23 per litre
The government has increased the price of petrol by Rs 14.85 per litre by imposing a petroleum levy (PL) on petroleum products.
The new prices will come into effect on July 1, 2022.
The government was charging a zero petroleum levy and a general sales tax on petroleum products earlier to adjust for the impact of global price increases.
The government hiked the price of petrol by Rs 14.85 per litre, high-speed diesel by Rs 13.23, kerosene oil by Rs 18.83 per litre and LDO by Rs 18.68 per litre.
The price of petrol jumped from Rs 233.89 to Rs 248.74 per litre.
High-Speed diesel price goes up to Rs 276.54 from Rs 263.31 per litre.
The price of kerosene has also witnessed a hike to Rs 230.26 per litre from Rs 211.43 per litre.
In the meantime, the price of LDO goes up to Rs 226.15 per litre from Rs 207.47 per litre.
The government has imposed a Rs 10 per litre petroleum levy (PL) on petrol, Rs 5 per litre of high-speed diesel, Rs 5 per litre of kerosene oil and Rs 5 per litre of light diesel oil (LD).
Earlier, the government had increased the price of high-speed diesel by Rs59.16 per litre, petrol by Rs24.03 per litre, kerosene oil by Rs33.12 per litre and light diesel oil by Rs25.53 per litre.
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Diesel is mainly used in the transport and agriculture sectors. Therefore, a further increase in its price will result in a higher inflationary impact on the people.
The coalition government had made a massive increase in diesel price up to Rs 59 per litre effective from June 2022. This increase was the fourth time shock that had hit the consumers.
High-speed diesel is mainly used in the transport and agriculture sectors. Therefore, more increases in its price would bring a flood of inflation across the country.
It will affect the agriculture sector which is already facing a miserable situation due to a record increase in the prices of fertilizer. Therefore, it will impact the food product supply across the country.
Maintaining Oil Prices to hit oil industry’s cash flow
Petrol is used in motorbikes and cars and therefore, more increases in its price will also hit the middle class of the society.
Kerosene oil is used in remote areas where LPG was not available for cooking purposes. The Pakistan army also uses kerosene oil in remote areas like the Northern part of the country.
