Govt reduces petrol price by Rs3.05, increases diesel price by Rs8.95
The government has reduced price of petrol by Rs3.05 per litre and the light diesel oil (LDO) by Rs0.12 per litre for the first half of August 2022 but increased the price of high speed diesel (HSD) by Rs8.95 per litre and kerosene oil by Rs4.62 per litre.
Finance Minister Miftah Ismail announced in a tweet, that the government is reducing the price of petrol by Rs3.5 per litre, but the price of diesel is being increased by Rs8.95.
“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,” he tweeted.
Similarly, the price of kerosene oil has been increased by Rs4.62 per litre while the price of light diesel oil (LDO) has been reduced by 0.12 per litre.
After the change in the prices of petroleum products, petrol will be Rs227.19, diesel Rs244.19, kerosene oil Rs201.7 and light diesel will be Rs191.32 per litre.
According to the press release of the Finance Department, the government has decided to revise the current prices of petroleum products to pass on the effects of fluctuations in the prices of petroleum products in the global market and changes in exchange rates.
Senior government officials told that the price of petrol and diesel was supposed to come down significantly from August 1, but due to rupee depreciation, increase in Petroleum Development Levy (PDL) and dealers’ commissions, consumers were deprived of the benefit of falling prices in the global market.
On July 14, Prime Minister Shehbaz Sharif announced to reduce the price of petrol by Rs18.5 and the price of diesel by Rs40.5 per litre.
Under the government’s agreement with the IMF, the petroleum development levy (PDL) on petroleum products is to be gradually increased to Rs50 per litre and Rs855 billion is to be collected in this regard during the current financial year.