Petrol, diesel prices up by Rs4 per litre

ISLAMABAD: Owing to increase in the crude oil price in the international market, the government Friday increased the prices of petrol and diesel by Rs4 per litre each.

The new prices will be effective from today (Saturday) till 15 January. Prices of kerosene and light diesel oil have also been increased by Rs3.95 and Rs4 per litre respectively for the first-half of January 2022.

In a press release, the Ministry of Finance said, “In the fortnightly review of petroleum products’ prices, the prime minister rejected the Ogra’s proposal for increase in prices of petroleum products and advised an increase of only Rs4 per liter to meet the petroleum levy target agreed to with the IMF.”

It further said sales tax on petrol and diesel had been adjusted downwards compared to December 2021 to keep the prices lower. According to the decision, ex-depot price of petrol has been increased from earlier Rs140.82 to Rs144.82 per liter; high-speed diesel from Rs137.62 to Rs141.62 per liter, kerosene from Rs109.53 per liter to Rs113.53, and LDO price from Rs107.06 to Rs111.06 per liter.

Consumers in remote areas use kerosene for cooking where gas is not available. The LDO is being consumed by flour mills and a couple of power plants. In early December, oil prices in the international market, (Global Benchmark Brent) even touched $66/barrel, which was recorded at $84.52 per barrel on 9 November 2021. Since then it again started inching up and on Friday it was around $77.9/barrel.