The federal government has increased the prices of petroleum products by as much as Rs22 as the rupee keeps losing ground against the dollar and the IMF conditions set in.

Petrol is up Rs22.20 per litre from Rs249.80 to Rs272. This is an 8.8% increase.

High speed diesel now costs Rs17.20 more after the price was increased 6.5% from Rs262.80 to Rs280 per litre.

Kerosene oil has been revised upwards Rs12.90 per litre (6.7%) from Rs189.83 to Rs 202.73. Light diesel oil is Rs9.68 per litre or 5.1% more expensive. This takes it from Rs187 to Rs196.68 per liter.

Prices in the international market have dropped but the disastrous depreciation of the rupee against the US dollar has forced the government to make adjustments given the exchange rate.

“The increase in price is due to Pakistani rupee depreciation applicable for the calculation of current pricing period,” a government press release said, adding that the new prices had taken effect from midnight.

On January 29, 2023, the government increased the prices of petrol and high speed diesel by Rs35 per litre each and kerosene oil and LDO were increased Rs 18 per litre each.

This adjustment comes on the heels of a ‘mini-budget’ bill tabled in parliament by Finance Minister Ishaq Dar. It increased general sales tax (GST) from 17 to 18 percent on all consumers products.