Last Updated on: 26th June 2023, 10:19 pm
Petrol Prices in Pakistan Will Increase More Within Week
Petrol prices in Pakistan are likely to rise soon, which could lead to higher inflation for the already burdened population, German Finance Minister Miftah Ismail announced at a press conference on Tuesday.
According to some reports, petrol prices in Pakistan will increase by Rs. 25/- per liter as of tonight (June 8, 2022). However, we have to wait for an official notification about it.
The increase in the price of petroleum products will cause additional inflation for the already burdened population.
Earlier, Finance Minister Miftah Ismail said that despite rising petrol prices in Pakistan, the government is still making losses on these commodities. “However, we are facing losses of Rs. 8/- for light diesel, Rs. 9/- for petrol, and Rs. 23/- for high-speed diesel,” he said, adding that kerosene was the only product that caused no losses for the government.
The government plans not only to eliminate subsidies on petroleum products entirely but also to add levies and taxes that the previous PTI government reduced to zero to ease the burden on the masses. These tough decisions come as the government tries to restore the International Monetary Fund’s (IMF) lending program.
Also Read: Diesel Petrol Prices Increased by Rs30 in Pakistan
In addition, the price of crude oil also rose in the international market after the partial ban on imports of crude oil from Russia by the European Union (EU). This will lead to a massive price increase for these products in the coming days.
Also Read: Miftah Ismail No Longer Promises Petrol Price Increases
