ISLAMABAD: With crude oil touching a new seven-year high in the international market, Pakistan has also increased the prices of petroleum products by Rs 3 per liter for the next half of this month. The new prices will be effective from today (Sunday) till January 31, 2022.
On Friday, the global benchmark Brent touched $86.36 a barrel, the last seen seven years ago in 2015.
In early December 2021, Brent also touched $66/barrel, which was recorded at $84.52/barrel on 9 November 2021. Since then it started rising again and on Friday it closed at $86.36/barrel.
According to the finance department handout, the prices of petrol have been increased by Rs 3.01 per liter, diesel and kerosene by Rs 3 per liter and light diesel oil (LDO) by Rs 3.33/litre.
As per the decision the ex-depot price of petrol has been increased from Rs 144.82 earlier to Rs 147.83 per liter; High speed diesel from Rs 141.62 to Rs 144.62 per litre, kerosene from Rs 113.48 per liter to Rs 116.48 and LDO from Rs 111.21 to Rs 114.54 per litre.
The statement said, "Petroleum products are showing fourth consecutive weekly profit and the international market witnessed a growth of 6.2 per cent in the last week. Currently at the highest level since last year. The current sales tax on various petroleum products has increased," the statement said. The rate and petroleum levy are well below the budget target.
It further said that against Ogra's recommendation to increase petrol by Rs 5.52 per liter and HSD prices by Rs 6.191 per liter, the Prime Minister directed to absorb international prices through further cuts in sales tax from the last fortnight. Have given. Lower sales tax will result in a revenue loss of Rs 2.6 billion for the finance ministry.
It should be noted that consumers in remote areas use kerosene for cooking where gas is not available. LDO is being consumed by flour mills and some power plants.
Significantly, from the last fortnight (January 1 to 15), the government had increased the prices of petrol and diesel by Rs 4 per liter. Kerosene and LDO prices were also increased by Rs 3.95 and Rs 4 per liter respectively.
Pakistan People's Party President Bilawal Bhutto Zardari dismissed the increase in petroleum prices in the country, terming it as an economic murder of the people and said that after the increase in electricity prices by more than Rs 4, now the increase in petroleum prices by Rs 3 Excess products are economic killing of people and robbing people's pockets.
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