In Islamabad, on Tuesday, the federal government raised the price of petrol by Rs 19.95 per liter for the next two weeks, as reported by ARY News.
During a press conference, Finance Minister Ishaq Dar announced the new prices. He stated that the price of petrol would now be Rs 272.95 per liter, while high-speed diesel would be increased to Rs 273.40, an increase of Rs 19.90 per liter.
The revised prices took immediate effect, and the Finance Minister explained that the hike was inevitable due to commitments made with the International Monetary Fund (IMF) to impose the petroleum development levy (PDL) on fuel rates.
The decision to increase the prices was made after consulting with Prime Minister Shehbaz Sharif, as the government grappled with the need to meet financial obligations. However, it is important to note that there were no changes announced in the price of kerosene oil or light-diesel oil during this review.
It is worth mentioning that the government faced delays in announcing the fortnightly adjustment in petroleum product prices as consultations continued until the early hours of Tuesday, leading to the eventual decision to increase the prices of petrol and high-speed diesel.
