Petrol price may cross Rs150 mark for first time in Pakistan: sources

KARACHI: For the first time in the history of Pakistan, petrol price is expected to exceed Rs150 per litre amid soaring prices of crude oil in the international market, said sources.

In the international market, the prices of petrol and diesel have been increased by Rs6 and Rs5 per litre respectively since February 1, said the well-placed sources.

If the government decides to pass on the burden of rising oil prices in the international market on the consumers, then the prices of petrol and diesel could shoot up by Rs13 and Rs18 per litre from February 16, Daily Jang reported.

Currently, petrol is being sold in the county at Rs147.83 per litre, high-speed diesel (HSD) at Rs144.62 and light diesel oil (LDO) at Rs114.54 per litre in the country.

Finance Minister hints at hike in petroleum prices

On February 10, Finance Minister Shaukat Tarin had indicated an increase in petroleum prices in-country in the coming days, adding that the government cannot lower petroleum product prices artificially.

During an appearance on Geo News Programme, Aaj Shahzaib Khanzada Kay Saath, Federal Minister for Finance Shaukat Tarin had said that the International Monetary Fund (IMF) wants us to remove tax exemption from the provident fund and that this will create a burden for the poor.

Therefore, the government will negotiate with the IMF on the matter of tax exemption on provident funds, he had added.