May 16, 2022 (MLN): The government on Sunday has decided to keep the petrol prices unchanged with effect from May 16, 2022, till further order.
According to the statement issued by Finance Division, Prime Minister Shehbaz Sharif has rejected the proposal of OGRA for an increase in the price of petroleum products and directed to maintain the prices at the existing level.
The current price of petrol stands at Rs149.86 per litre, whereas the per litre prices of high-speed diesel, kerosene oil, and light diesel stand at Rs144.15, Rs125.56, and Rs118.31, respectively.
Accordingly, the government will bear the Price Differential Claim (PDC) on the prices of MS at Rs47.02/liter, HSD at Rs86.71/liter, SKO at Rs51.83/liter, and LDO at Rs.67.84/liter.
However, on the back of changing circumstances and international oil prices, the government may hike the prices of petroleum products.
Taking his Twitter handle, Finance Minister Miftah Ismail clarified on Sunday, “Due to changing circumstances and international oil prices, we may have to revisit our decision soon.”
To note, the International Monetary Fund (IMF) has emphasized the need to reverse the unfunded subsidies which are the prior conditions for the ongoing $6 billion loan program. The government has assured the fund that it will increase the prices of petroleum products to fulfill this commitment.
Despite the assurance, the incumbent government has not increased the prices of petroleum products, apparently due to political backlash.
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