Petrol prices in Pakistan at record high

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The Pakistan government increased the prices of all petroleum products by Rs 10 to Rs 12 per litre for the next fortnight ending on February 28 to pass on the impact of higher international oil prices and application of additional petroleum levy, as committed to the International Monetary Fund (IMF), Dawn reported.

These are the highest-ever prices of all the products and also perhaps the highest-ever increase in their prices in one go.

The Pakistan Ministry of Finance announced the decision after Pak Prime Minister Imran Khan agreed to raise levy on all petroleum products by Rs 4 per litre to honour commitment made with the IMF for smooth continuation of ongoing Extended Fund Facility (EFF). However, GST rate on all these products was kept unchanged at zero, the report said.

The benchmark crude prices have increased by about 3 per cent to $95 per barrel in the international market during the last fortnight.

According to a notification issued by the Ministry of Finance, the ex-depot price of petrol was fixed at Rs 159.86 instead of Rs 147.83 per litre at present, up by Rs 12.03 per litre or 8.14 per cent. The petroleum levy on petrol was increased from Rs 13.92 to Rs 7.92 per litre. The government is also charging about Rs 12 per litre on petrol as customs duty.

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