ISLAMABAD (Faizan Matloob):- The government on Sunday announced a change in fuel prices for next 15 days owing to fluctuations in oil prices in the international market and depreciation of local currency .

The Finance Division has issued a notification here on Sunday night. According to the notification, the owing to exchange rate variation and fluctuations in petroleum prices in the international market, the government has decided to revise the existing prices to pass on the impact to consumers.

The price of petrol (MS) has been decreased by Rs. 3.05 per liter, while the price of high-speed diesel (HSD) has been increased by Rs. 8.95. The new price of petrol will be Rs. 227.19 while the new price of diesel will be Rs. 244.95.

The price of kerosene has been increased by Rs. 4.62 per liter to Rs. 201.07, while the price of light diesel oil has been decreased by Rs. 0.12 per liter to Rs. 191.32.  The new prices will be effective from midnight August 1.

ProductExisting Prices
New Prices
MS (Petrol230.24227.19-03.05
High-Speed Diesel (HSD)236.00244.95+08.95
Kerosene (SKO)196.45201.07+04.62
Light Diesel Oil191.44191.32-00.12

The Ministry of Energy informed the Economic Coordination Committee (ECC) of the cabinet today that the devaluation of the rupee against the US dollar has increased the cost of procurement of petroleum products.

It is pertinent to mention here that Prime Minister Shehbaz Sharif announced a reduction in prices of all petroleum products on July 14 to pass on the benefit of decreasing crude rates in the international market.

Before the decrease, between the period of May 26 and July 1, the government increased the prices of petroleum products by up to Rs. 132 per liter, under pressure from the International Monetary Fund (IMF).

The government agreed with IMF on a schedule to increase the prices of petroleum products by imposing a 17 percent general sales tax (GST) and petroleum development levy (PDL) of Rs. 50 per liter during the fiscal year 2022-23 in addition to removing the subsidy being offered on petroleum products.

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