Petrol price in Pakistan has been revised by the federal government for the next fortnight. The new prices will be applicable from December 1, 2024. According to a notification by the Ministry of Finance the rate of petrol is hiked up by Rs. 3.72/liter, taking the rate to Rs. 252.10/liter from Rs. 248.38/liter and the price of diesel is revised by Rs. 3.29/liter, meaning its new cost is Rs.258.43 /liter against the last Rs. Rs. 255.14/liter.
Earlier, Petroleum Ministry sent the proposal to the finance ministry where the new prices are decided after a consultation between Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif.
Earlier Prediction About Petrol Price in Pakistan
Earlier media reports suggested that he petrol price in Pakistan is expected to go up for the next fortnight. The federal government was likely to announce a hike in prices of petrol and diesel, set to take effect from December 1, to 15. The petrol price was expected to increase by Rs. 3.15/liter, diesel by Rs. 3.20/liter and kerosene oil by Rs. 4/liter.
The primary reason behind this rate revision is the fluctuation in the global crude oil prices.
Earlier this month, the sources also reported that IMF had proposed to impose 18% general sales tax (GST) on petroleum products and an increase in Petroleum Development Levy (PDL) from current Rs. 60 to the new Rs. 70 per liter, however, no official announcement from the government has so far been made in this regard. It is important to mention that there is no GST on fuel prices currently.
The prices of petroleum goods are directly linked to the rate of inflation in Pakistan as the rates of daily commodities change with them. In case of a reduction, there is a relief and if prices go up, the inflation rate also sees an upward trend, burdening the masses.
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