The federal government has reduced petrol prices for the first 15 days of August by Rs.3.05, a statement issued by the Finance Division said.
Following the changes in the prices, petrol will now be available for Rs227.19 per liter. Previously, petrol was being sold in the country for Rs230.34 per liter.
The Finance Division, in its notification, said that in view of the fluctuations in petroleum prices in the international market and exchange rate variation, the government has decided to revise the existing prices of petroleum products to pass on the impact to the consumers.
On the other hand, it jacked up the price of high-speed diesel by Rs8.95 per liter. The new price will stand at Rs244.95 per liter. Meanwhile, the rate of kerosene oil has also gone up by Rs4.62 per liter and it will be now sold at Rs201.07 per liter.
“The government is able to decrease the price of petrol by Rs 3.05 per liter. The price of diesel has however gone up by Rs 8.95. These prices are effective from midnight on August 1. Pakistan Zindabad,” Finance Minister Miftah Ismail tweeted.
The government is able to decrease the price of petrol by Rs 3.05 per litre. The price of diesel has however gone up by Rs 8.95. These prices are effective from midnight August 1. Pakistan Zindabad pic.twitter.com/YQGp9bYiss
— Miftah Ismail (@MiftahIsmail) July 31, 2022
Earlier, it was predicted that the government would increase petrol prices because, at a seminar, Finance Minister Miftah Ismail hinted that the petroleum levy would now be reviewed and the IMF Board would hold its meeting by the end of August.
As a result, government officials confirmed to the media that the government will have to jack up the petroleum levy further from August 1, 2022, for implementing the last prior action of IMF.
The government has already imposed an Rs10 per liter levy on petrol from July, which will have to be further increased by another Rs10 on August 1 until it gradually reaches Rs50 per liter. However, it has reduced petrol prices by Rs. 3.05.