Government dropped petrol bomb on the New Year Eve

 Government increase the prices of petrol, diesel and kerosene oil Rs4 per liter

The government of PM Imran Khan has increased the prices of petrol and high speed diesel (HSD) by Rs4 per litre on New Year Eve. This is the first increase in the prices of petrol in 2022.  The finance ministry has announced this increase. The finance ministry statement said the new prices will be effective from January 1, 2022- Saturday.

"In the fortnightly review of petroleum products prices, Prime Minister Imran Khan has rejected the proposal of Ogra (Oil and Gas Regulatory Authority) for an increase in prices of petroleum products and advised to increase only Rs4 per litre to meet the petroleum levy target agreed with the IMF (International Monetary Fund)," the statement read.

The Rs4 increase in the price of petrol is part of a commitment made by the government under an agreement with the IMF for a net fiscal adjustment of almost Rs550 billion during the remaining part of the current fiscal year.

After this increase, the price of petrol has been increased from Rs140.82 to Rs144.82, that of HSD from Rs137.62 to Rs141.62, of kerosene from Rs109.53 to Rs113.53 and that of light diesel oil from Rs107.06 to Rs111.06, according to the Finance Division's statement.

The statement said sales tax on petrol and diesel had been adjusted downwards as compared to December 16, 2021, to keep the prices lower.

On December 15, 2021, the government had slashed the prices of petrol and high speed diesel by Rs5 per litre in an effort to provide relief to the people.

                                                                        Web Desk