Latest Petrol Prices in Pakistan – 1 February 2022

The Government has not increased the Petrol Prices in Pakistan from 1 February 2022 to 15 February 2022 on the directives of Prime Minister Imran Khan providing a relief to the people at a time when they are facing already burdened amid the already increasing inflation in the country.

According to the announcement, Petrol Price in Pakistan will remain unchanged at Rs. 3.01 per litre, while the Price of High-Speed Diesel (HSD) in Pakistan will also remain unchanged at Rs. 144.62 per litre. Meanwhile, the Price of Kerosene Oil will remain at Rs. 3.00 per litre, while the Price of Light Diesel Oil (LDO) will stay at Rs. 3.33 per litre.

The Finance Division issued a press release a while ago, stating that ‘The Petroleum Products are showing a substantial increase in the International market and presently trading at the highest level since 2014. The oil prices have witnessed an increase of 14.5% just in last month in the global market. The existing Sales rate and Petroleum Levy on various petroleum products are much below the budgeted targets. The Government is bearing the revenue loss of around Rs 30 billion (fortnightly) on account of budgeted to existence PL and ST rates and Rs 260 billion annually due to reduced ST rate.

Despite revenue losses due to rising petroleum prices globally, The Prime Minister of Pakistan has deferred the proposal by OGRA to increase up to Rs 16.79/Litre in the petroleum product prices and desired that petroleum products prices shall remain the same from 1st February, 2022 as notified earlier on 15th January 2022 for providing maximum relief to the general public. The Prime Minister has further desired to keep the prices at the same level through adjustments in Sales Tax, If required.’

Petrol Prices in Pakistan From 1 February 2022

The latest Petrol Prices in Pakistan will remain applicable from 1 February 2022 to 15 February 2022.

Oil and Gas Regulatory Authority (OGRA) had originally recommended an increase in the Petrol Price by Rs. 11 per litre, while suggesting a hike in the Diesel Price by Rs. 14 per litre. However, the Federal Government has decided to provide relief to the public amid rising inflation and the Prime Minister deferred the summary provided by OGRA.

Read more: Dollar rate in Pakistan – Daily Updates.

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