ISLAMABAD: The federal government Wednesday increased the prices of petroleum products up to 8.8 percent with effect from February 16, 2023.

The price of petrol has been hiked up by Rs 22.20 per litre from Rs 249.80 to Rs 272 per litre. The rate of high speed diesel (HSD) has also been increased by 6.5 percent from Rs 262.80 to Rs 280 per litre or Rs 17.20 per litre raise.

The rate of kerosene oil (SKO) has been revised upward by 6.7 percent (Rs 12.90 per litre) from Rs 189.83 to Rs 202.73 per litre and light diesel oil (LDO) price has been increased by Rs 9.68 per litre (5.1 percent) from Rs 187 to Rs 196.68 per liter.

The prices of petrol and HSD in the international market have decreased but the steep depreciation of the rupee against the US dollar forced the government to adjust the exchange rate.

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“Increase in price is due to Pakistani rupee depreciation applicable for the calculation of current pricing period,” the press release said, adding that the prices would be effective from February 16 (Thursday).

On January 29, 2023, the government increased the prices of petrol and HSD by Rs 35 per litre each and the rates of kerosene oil and LDO were increased by Rs 18 per litre each.

Finance Minister Ishaq Dar tabled a crucial bill in the parliament aimed at fulfilling the IMF conditions which propose increasing general sales tax (GST) from 17 to 18 percent on petroleum products and other items.

Copyright Business Recorder, 2023