The Government of Pakistan drastically increased the prices of fuel last night. Earlier, the government introduced the Finance Supplementary Bill 2023. Petrol price was increased by Rs 22, 20 paise to Rs 272 per litre.
The price of high speed diesel was increased by Rs 17.20 per liter to Rs 280 while that of kerosene was increased by Rs 12.90 to Rs 202.73 per litre. The Federal Board of Revenue of Pakistan has increased the sales tax rate from Rs 17 to Rs 18. This will generate an additional Rs 115 billion in revenue.
Sources said that the price of petrol may increase further, provided the foreign exchange rate is adjusted in the next review. He further said that the exchange rate was high, which would deprive the local consumers of any benefit or reduction in the prices of petroleum products. Petrol prices have come down in the international market, but PKR’s sharp fall against the dollar has eroded profits and hurt domestic consumers.