Last Updated on: 15th July 2023, 07:32 pm
Petrol Price Will Increase By Rs20 Per Liter in Pakistan From 16th February
The coalition government is expected to hike prices of petroleum products by up to Rs 20 per liter over the next two weeks as oil refiners warned of an impending oil crisis in addition to changing petrol prices in the international market.
It was reported that an increase in gasoline prices was based on calculations of the international price of petroleum products. Speculation worried people as the Sharif-led government implemented the massive Rs.35 per liter hike last month, pushing petrol prices down to Rs.249.80 per liter; High Speed Diesel Rs262.80 per litre; kerosene oil Rs 189.83 per liter; and lightspeed diesel Rs187 per litre.
Currently Rs 50 per liter oil tax is levied and no General Sales Tax (GST) has yet been levied.
The development comes as the financially strapped nation is currently facing a fuel shortage, with Punjab being the hardest-hit region, with dozens of petrol stations shutting down in the past few days.
Amid dwindling foreign exchange reserves, refiners are sounding the alarm about a looming oil crisis after struggling to set up letters of credit (LC) to pay for commodities.
Also Read: Petrol Prices in Pakistan Will Increase More Within Week