The government increased petroleum product prices by Rs30 per litre, or up to one-fourth of their recent prices, in an unexpected decision on Thursday, opening the way for a staff-level agreement with the International Monetary Fund by June 12.
The unexpected strategy will help neutralise the landmines set down by the government of former prime minister Imran Khan on the one side, that will save the country from impending default on the other.
Finance Minister Miftah Ismail made a conscious decision public in an unexpected news conference after Prime Minister Shehbaz Sharif offered him the go-ahead in a party conference.
“The federal government has agreed to raise petroleum product prices by Rs30 per litre, with the increase set to take effect at midnight tomorrow,” Ismail stated.
New Petroleum Prices in Pakistan
According to the statement, the price of petrol, high-speed diesel (HSD), kerosene oil, and light diesel oil (LDO) would rise by Rs. 30 per litre, with effect from May 27, 2022. It will bring the Petrol Price in Pakistan to Rs. 179.86 per litre, the Price of High-Speed Diesel (HSD) to Rs. 174.15 per litre.
Meanwhile, following a Rs. 30 per litre hike, the price of kerosene oil will be Rs. 155.56 per litre, and the price of light diesel oil (LDO) will be Rs. 148.31 per litre for both petroleum products.
The following are the new petroleum product prices:
- The price of petrol has been raised from Rs149.86 to Rs179.86 per litre.
- The price of high-speed diesel (HSD) has been increased from Rs144.15 to Rs174.15 per litre.
- The price of kerosene oil has been raised from Rs125.56 to Rs155.56 per litre.
- The price of light diesel oil has been raised from Rs118.31 to Rs148.31 per litre.
Petrol Prices in Pakistan from 1 June 2022
|PRODUCT||CURRENT PRICE (PKR)||NEW PRICE (PKR)||Change (PKR)|
|High Speed Diesel (HSD)||144.15||174.15||+30.00|
|Light Diesel Oil (LDO)||118.31||148.31||+30.00|
However, he stated that there will be an increase in inflation as a result of the increase in petrol prices in Pakistan, adding that there was no other solution at this time. Ismail also said Former Prime Minister Imran Khan had gone against the IMF offer when he announced subsidies on petroleum products.
He also announced the decision on Twitter. “Government has decided to increase the prices of Petrol, High Speed Diesel, Kerosene Oil and Light Diesel Oil by Rs 30 per litre from Friday May 27, 2022.” he Tweeted, adding that the new prices will go into effect at midnight.