Petrol prices increased by Rs. 8.36 to Rs. 266.79/L, adding strain to consumers facing inflation, rising transport costs, and economic uncertainty.
The Finance Ministry has issued a formal notification to increase the prices of petroleum products by Rs 10.39 per liter.
According to the notification, the price of petrol has been increased by 8 rupees 36 paise per liter, after which the new price of petrol has increased from 258 rupees 43 paise to 266 rupees 79 paise per liter.
Similarly, the price of high-speed diesel has been increased by 10 rupees 39 paise per liter, after which the new price has increased from 262 rupees 59 paise to 272 rupees 98 paise per liter.
According to the sources, in the new prices of petroleum products, a carbon levy of Rs 2.50has been imposed, while the levy on petrol has been reduced by Rs 78 to 52 paise. The levy on high-speed diesel has been fixed at Rs 74.51 paise.
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According to the notification, the increase in the prices of petroleum products has come into effect immediately.
The petrol price was hiked by Rs 266 to Rs 79 per liter, and diesel by Rs 272 to Rs 98 per liter. Additionally, the government has imposed a new tax of 2 rupees and 50 paise per liter, referred to as a carbon levy.
Why this Rise?
A statement issued by the Federal Ministry of Finance said that the increase was due to the change in international prices. He said that the price of oil is decreasing in the global market, but the continuous increase in Pakistan is beyond comprehension, and the decision is facing a strong reaction from the public.
Public Reaction
Citizens going to offices early in the morning were seen worried after hearing the new prices at the petrol pumps. Citizens said that the government is bent on eradicating poverty, not creating it.
Users on social media have also strongly criticized the government’s decision and equated it with the economic murder of the people.
According to economists, the increase in the price of petroleum products will bring a new wave of inflation, and transport fares will also increase, which will further burden the middle class.
Crude oil prices fell by 6% in the global market, but the reverse began to flow in Pakistan, where the government increased the price of petroleum products by more than 10 rupees.
