According to Finance Minister Ishaq Dar, the government has decided to increase petroleum prices by a significant Rs19.95 per liter. This move is attributed to fluctuations in international market prices.
In the interest of the nation, the Finance Minister announced that the cost of High-Speed Diesel (HSD) will be raised by Rs19.90, bringing it to Rs273.40 per liter, while the price of petrol will see an increase of Rs19.95, reaching Rs272.95 per liter.
The new rates are set to be effective immediately. Minister Dar clarified that the decision was influenced by the rise in international market prices over the past 15 days.
He explained that his team had diligently worked on the recommendations from the Oil and Gas Regulatory Authority (Ogra) until late at night. However, due to various constraints, they were unable to reduce the prices or consider lower increases.
Minister Dar further highlighted that the government has commitments with the International Monetary Fund (IMF) regarding the petroleum levy, which limited their flexibility in adjusting the prices. He mentioned that if not for these commitments, the government would have explored options for partial adjustment or a more modest increase.
The decision to increase prices also received the consent of Prime Minister Shehbaz Sharif, even though he approached it with reluctance. The Finance Minister criticized the previous PTI government for not fulfilling promises with the IMF, which he believes had a negative impact on the country’s national interest.
