Pakistan Increases Fuel Prices as New Year Begins
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Islamabad, Jan 1 (NationPress) The authorities in Pakistan have disclosed a hike in petrol and diesel prices, as confirmed by various media outlets.
As per a notification released late on December 31, the price of petrol has been elevated by 56 paise per litre, establishing the new price at Rs252.66 per litre, as reported by ARY News.
In a similar fashion, high-speed diesel has seen an increase of Rs 2.96 per litre, setting its new price at Rs 258.34 per litre.
These adjustments are part of routine modifications in fuel pricing, influenced by both international market fluctuations and domestic economic scenarios.
On December 15, the government previously announced revised rates for petrol and diesel.
At that time, petrol prices were stable at Rs 252.10 per litre, while high-speed diesel saw a reduction of Rs 3.05 per litre, now priced at Rs 255.38 per litre.
Additionally, kerosene oil prices dropped by Rs 3.32 per litre, with the new rate set at Rs 161.66 per litre. Light diesel oil prices were also reduced by Rs 2.78 per litre, establishing the new price at Rs 148.95 per litre.
The Finance Ministry has issued a notification regarding these new prices, which will take effect at 12 a.m. on Wednesday.
The government's failure to lower the petroleum levy has led to a considerable surge in fuel prices, which have risen by Rs 12.14 per litre over the last month and a half.
Sources indicate that since October 16, high-speed diesel prices have climbed by Rs 12.14 per litre, while petrol has increased by Rs 5.07 per litre during the same timeframe.
While the government had the option to reduce the levy to mitigate the price rise, constraints from the IMF program hindered such actions, according to sources.
