The government on Tuesday jacked up the price of petrol by Rs12.03 per litre with immediate effect.
According to Finance Division, petrol price has been increased by Rs12.03 per litre, high speed diesel (HSD) by Rs9.53 per litre, kerosene oil by Rs10.08 per litre and light diesel oil (LDO) by Rs9.43 per litre for the remaining half of the ongoing month of February 2022.
After the decision of hike, petrol will be available at Rs159.86 per litre, high-speed diesel (HSD) at Rs154.15 per litre, kerosene oil at Rs126.56 per litre and LDO at Rs123.97 per litre in the open market of the country.
“In the fortnightly review of Petroleum Products’ prices, the prime minister has considered the recommendation to increase the prices of petroleum products in line with a change in the international oil prices. Despite the increase in the prices of petroleum products, petroleum levy and sales tax have been kept to the minimum,” said the Finance Division.
The finance division also stated that the prices of petroleum products are showing a drastic increase in the international market and presently are at the highest level since 2014.
“Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products’ prices on January 31, 2022, and advised against the summary of OGRA,” said the finance division in a statement issued on Tuesday.
The finance division further stated that the government had also levied 0% sales tax and reduced the levy to provide “relief” to the consumers.
The finance division said that the “relief” had led the government to bear a revenue loss of around Rs35 billion fortnightly.
This really big hit, prices are increasing day by day. Common man is in trouble.