The federal government has decided to increase the price of petrol and high-speed diesel (HSD) by nearly Rs20 per litre with immediate effect.
At a brief press conference on Tuesday, Finance Minister Ishaq Dar announced that the price of HSD will be increased by Rs19.90 per litre for the next fortnight, bringing the revised rate of HSD to Rs273.40 per litre.
Petrol prices will go up by Rs19.95 to Rs272.95.
“In the last 15 days, the rates of petroleum products witnessed a significant increase in the international market,” said Dar.
The finance minister said the rate of HSD rose from $96.26 per barrel on July 16 to $111.46 per barrel on July 31 while the price of petrol increased from $89.14 per barrel to $97.39 per barrel during the same period.
“Amid international commitments with the International Monetary Fund (IMF), pertaining to petroleum development levy (PDL), thus keeping the national interest it has been decided to pass the increase,” he said.
“The government intended to provide relief to the masses, however, international prices are not under the control of the government,” he added.
The finance minister did not announce if there were any changes in the prices of kerosene and light-diesel oil.
He said the Ogra team had looked to pass on the minimum possible price increase to consumers as per Prime Minister Shehbaz Sharif’s instructions.