Govt jacks up petrol prices by Rs12.03/litre

News Image

By MG News | February 15, 2022 at 11:28 PM GMT+05:00

0:00

February 15, 2022 (MLN): The government on Tuesday decided to increase the price of petroleum products by up to Rs12.03 per litre owing to the surge in international oil prices, a notice issued by the Finance Division revealed.

The price of petrol and high-speed diesel (HSD) has jumped by Rs12.03 and Rs9.53 per litre, respectively. While the price of Kerosene Oil and Light Diesel Oil soared by Rs10.08 and Rs9.43 per litre.

The new prices of Petrol, HSD, Kerosine oil, and Light diesel now stand Rs159.86, Rs154.15, Rs126.56, and Rs123.97 per litre respectively.

The prices of petroleum products are showing a drastic increase in the international market and presently are at the highest level since 2014. Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of Petroleum Products' prices on January 31, 2022, and advised against the summary of OGRA, the notification added.

In order to provide utmost relief to the consumers, the government levied zero percent sales tax and reduced petroleum levy rate against the budgeted targets.

Resultantly, the government is bearing the revenue loss of around Rs35 billion (fortnightly) on account of budgeted to existing PL and ST rates.

In the fortnightly review of Petroleum Products' prices, Prime Minister has considered the recommendation to increase the prices of petroleum products in line with a change in the international oil prices.

It is pertinent to mention that petroleum levy and sales tax have been kept to a minimum despite the continuous increase in petroleum prices, it noted.

The new prices of petroleum products will be effective from February 16, 2022.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,800.00 108,430.00
105,440.00
2050.00
1.94%
BRENT CRUDE 67.77 68.10
66.94
0.66
0.98%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 108.25 110.00
108.25
0.75
0.70%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.11 66.43
65.23
0.66
1.01%
SUGAR #11 WORLD 15.75 15.97
15.71
0.05
0.32%

Chart of the Day


Latest News
July 02, 2025 at 05:29 PM GMT+05:00

CDNS revises profit rates on savings schemes


July 02, 2025 at 05:05 PM GMT+05:00

PSX in FY25: From Oof to Boom


July 02, 2025 at 05:01 PM GMT+05:00

Gold price in Pakistan falls Rs600 per tola


July 02, 2025 at 04:35 PM GMT+05:00

Oil gains slightly as market eyes Iran, OPEC+ moves


July 02, 2025 at 04:02 PM GMT+05:00

PSX Closing Bell: Record Breaker



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg