Petrol Prices May Increase Again as IMF Asks to Raise Levy

The Finance Minister Shaukat Tarin has hinted at another increase in the Petrol Prices in Pakistan as International Monetary Fund (IMF) has asked the Government to increase the petroleum development levy. However, the increase in levy will depend on the global prices of petroleum products.

Shaukat Tarin said that if global prices of oil were to decrease, it will be easy for Pakistan to increase the petroleum development levy and spare the public from increased burden. He added that the current Petrol Prices in Pakistan, which have reached record-high, were the result of rapid changes in the international market.

The prices of petroleum products have increased several fold in the global market during the last few months.

It is pertinent to mention that Imran Minister Imran Khan approved an increase in the Petrol Prices in Pakistan on Friday, a day after he hinted at the surge in petroleum prices. The Prime Minister had initially rejected the recommendation summary by OGRA for increase in petrol prices during the first half of November.

The Petrol Price in Pakistan was increased by Rs. 8.03 per liter bringing the new rate at Rs. 145.82, while the Diesel Price was hiked by Rs. 8.14 per liter bringing the new rate at Rs. 142.62. Likewise, the Price of Kerosene and Light Diesel Oil (LDO was increased by Rs. 6.27 and Rs. 5.72 per liter bringing the new rate at Rs. 116.53 and Rs. 114.07 per liter respectfully.

The final decision regarding the Petrol Prices will be taken by Prime Minister Imran Khan on 15th November 2021.

Follow INCPAK on Facebook / Twitter / Instagram for update.