In December 2022, government cut the prices of fuel to Rs. 10 and price of diesel to Rs 7.5, kerosene oil to Rs 10 and light diesel oil to Rs 7.5 per litre. The government had previously not changed the prices of petroleum products in October 15, October 30, and November 15. Earlier this month government announced the unchanged prices of petrol.
On Sunday, Ishaq Dar interviewed to a television channel saying that we will not change the fuel prices, the price of petrol will remain Rs 214, and diesel will remain at Rs 227 until January 31st.
Read more | 12-rupee cut in fuel prices: Dar
The petroleum prices were expected to rise two days before up to Rs 8.98 increase per litre. However the sources in petroleum department earlier said that government can maintain the prices by adjusting petroleum levy on all petroleum products.
Cause of Increase in Fuel prices
The price of petrol products for public seems simple enough, but there are many factors affecting the final price of petrol, the public have to pay. The foremost thing is oil that is basic raw material for all the petroleum products.
The government import oil from different nations and increase in import tax rate also cause increase in prices of all petrol related products.
Read more | Petrol Raised by Rs2 And Diesel Up by Rs3
The Petroleum Development Levy (PDL), the levy charged by government on every litre of petrol to balance stable economy of country. The current situation of Pakistan’s economy is not doing so well because of loan payments to IMF; still government is trying to lower the burden on public.
The stable petroleum prices resulted because of government lifting levy charges on products. The unchanged petroleum prices satisfied public to some extent but still there should be decrease in petroleum products.