Petrol up by Rs14.85 per litre, diesel Rs13.23

KARACHI: The government on Thursday jacked up the prices of petrol and diesel by Rs14.85 and Rs13.23 per litre respectively after imposing the petroleum levy (PL) under the condition of International Monetary Fund (IMF).

According to an announcement of the Finance Division, the government imposed Rs10 PL per litre on petrol, pushing up its price to Rs248.74 per litre from Rs233.89 per litre. The price of diesel also jumped to Rs276.54 per litre from Rs263.31 per litre after the government slapped Rs5 per litre PL on it.

The price of kerosene witnessed Rs18.83 increase per litre to Rs230.23 from Rs211.43 per litre after addition of Rs5 per litre PL in it.

The price of Light Diesel was raised to Rs226.15 per litre from Rs207.47 per litre, which included Rs5 per litre PL. The new prices of petroleum products would be effective from July 01, 2022.

Giving reasons for the increase in prices of petroleum products in the next fortnight, the Finance Division stated that in view of fluctuations in petroleum prices in the international market and exchange rate variation, the government has decided to apply petroleum levy partially and revise the existing prices of petroleum products as agreed with the development partners.

The government imposed PL on the prices of petroleum products after several months when prices of the petroleum products were frozen by abolishing the PL and General Sales Tax (GST) by the PTI government. The government passed on the full impact of rising global prices in the last price revision. The government, however, won’t collect GST on petroleum products in the next fortnight.