بزنس

Petroleum products prices raised by over Rs50 in last 45 days

The previous PDM-led government and the current interim government have raised the petroleum products prices by over Rs50 in the last 45 days in line with the agreement signed with the International Monetary Fund (IMF).

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27 Sep 2023

Earlier in July, cash-strapped Pakistan signed an agreement with the global lender to hike the petroleum development levy (PDL) to Rs60 on petrol and diesel, which was later approved by the National Assembly through the Finance Bill 2023 in June.

In the last three fortnight reviews, the government has increased the PDL by Rs55, which indicates another Rs5 hike in the next fortnight review on September 15.

On August 1, the government raised the price of petrol by Rs19.95/litre and of high-speed diesel by Rs19.90 per litre. On August 16, the price of petrol and diesel were raised by Rs17.50 per litre and Rs20 per litre respectively.

Last night, the Finance Division announced an increase in the price of petrol by Rs14.91 per litre and high-speed diesel (HSD) by Rs18.44 per litre.

The last three hikes bring the price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre, the highest in the country’s history.