The federal government of Pakistan has raised the prices of petrol and high-speed diesel in the latest fortnightly review. Finance Minister Ishaq Dar made the announcement in a press conference, stating that petrol prices have been increased by Rs19.95 per litre to Rs272.95, and high-speed diesel prices have been increased by Rs19.90 to Rs273.40.
The revised prices came into effect immediately due to the need to implement the commitments made with the International Monetary Fund (IMF) on the imposition of the petroleum development levy (PDL) on fuel rates. The hike in fuel prices was considered inevitable to meet these commitments.
The Finance Minister clarified that the decision to increase prices was taken after consulting with Prime Minister Shehbaz Sharif. However, there were no changes announced in the prices of kerosene oil or light-diesel oil.
The government’s announcement was delayed, and the fortnightly adjustment in petroleum prices, which usually takes place on Mondays, was delayed until Tuesday due to ongoing consultations and discussions.