The price of Diesel Goes up by Rs 20 per liter

Islamabad – The caretaker government has increased the price of diesel by Rs 20/liter effective from August 16, 2023.

As per the statement issued by the finance division, the price of High-Speed Diesel has been jacked up by Rs 20/liter, while petrol has been increased by Rs17.50/liter for the last fortnightly of August (16 to 31).

Petroleum prices in the international market have increased during the last fortnight and as a result, the consumer prices in Pakistan are also being revised, said the statement.

Following the upward revision of Rs 17.50/liter, the price of Petrol has increased to Rs 290.45/liter from the previous Rs 272.95/liter.

Similarly, with the jump of Rs 20/liter, the price of HSD will reach Rs Rs293.40/liter from the earlier Rs 273.40/liter.

It is worth mentioning here that the in the last revision of its tenure, the PDM government had also increased the prices of Petrol and High Speed Diesel by Rs 19.95/liter and 19.90/liter respectively for the first fortnightly of August.

The main reasons for the increase in oil prices are a hike in the international oil market and the depreciation of the Pakistani rupee against the US dollar.

For the next fortnightly, the government has not changed Petroleum Levy on Petrol and it will remain at the existing level of Rs 55/liter, however for the HSD it has been reduced by Rs 5/litre from the earlier Rs 55/liter to Rs 50/liter. The GST will remain zero on both products.

Earlier the government used to share increases/decreases in the prices of HSD, petrol, Kerosene, and Light Diesel oil, however, since the last few fortnightly it is merely sharing the prices of Petrol and HSD.

The prices of petroleum products will be for the remaining two weeks of the ongoing month of August.

Govt Slashes Petrol and Diesel Prices for July 2023

The government hiked petrol and HSD prices by Rs. 20 per with effect from August 1, 2023.

The conditions set by International Monetary Fund (IMF) forced the government of Pakistan to increase the prices of petrol and diesel for consumers.

This is despite the fact that the government was charging over Rs 50 per liter petroleum levy on petroleum products from oil consumers.

The prices of refined products jumped up by $13 per barrel to $111 per barrel during the last two weeks.

The price of petrol also witnessed a hike of $7 per barrel, touching the $97 per barrel mark. The potential increase in prices of these products will have an inflationary impact on the life of the common man.