Fuel Prices on the Rise: Government Increases Petrol and Diesel by Rs.35 per Liter
Fuel Prices Increase by 35 Rupees per Liter in Pakistan, According to Finance Minister Ishaq Dar
The Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar, announced an increase in the prices of petrol and high-speed diesel by Rs. 35 per liter in the country. The prices of kerosene oil and light diesel have also been increased by Rs 18 per liter and will be effective as of 11am on January 29th.
Dar emphasized that there have been rumors circulating on social media regarding an increase of 80 rupees per liter for petrol, which are false.
He explained that due to these rumors, there was an artificial shortage of petrol in the market and the announcement of petroleum prices by OGRA was necessary to alleviate anxiety. The increase in prices was attributed to the devaluation of the rupee and an 11% rise in oil prices in the international market.
Dar assured the public that there is ample supply of petrol in the country and efforts are being made to counter any artificial shortage. The new prices for petrol in the country will be Rs 249.80, high-speed diesel at Rs 262.80, kerosene at Rs 187, and light diesel at Rs 189.83 per liter.
Despite fluctuations in the world market, the government has not increased oil prices in the last four months.
In fact, Dar stated that the government has reduced the prices of petrol and high-speed diesel by Rs 20 and the prices of kerosene oil and light-speed diesel by Rs 30.
In addition, the federal government has raised the Petroleum Development Levy (PDL) on high-speed diesel by Rs 7.50 per liter, bringing the PDL to 40 rupees per liter as of January 29th. The actual price of diesel, excluding PDL and margins, is Rs 221.36 per liter.
The Petroleum Development Levy (PDL) for petrol is set at Rs 50 per liter, and the inland freight equalization margin (IFEM) has been fixed at Rs 9.33 per liter.
The government is collecting Rs 6 as OMC’s margin on each liter of petrol. The actual rate of petrol, excluding PDL and other margins, is Rs 177.47 per liter.
In a televised address, Dar explained that the government’s decision to raise fuel prices was due to an 11% increase in the prices of petrol products in the international market. He stressed that the increase was necessary to keep up with market changes and fluctuations.