The Federal Government on Friday has increased the price of Petroleum by Rs 25.58 and would be effective straight away from 26th June. In view of rising global oil prices, a notification from the Finance Division has been issued saying that the prices have been increased.
According to the notification, the price of petroleum has been increased from the existing 74.52 to 100.10 Rs per/ltr. The price of diesel has been increased up to 101.46 from 80.15. The increase in the price of diesel would affect the Agriculture and Transport sector as diesel is used in both the sectors. The price of Kerosine has also risen from 35.56 to 59.06. The price of diesel oil has been hiked by Rs 17.84 from Rs38.14 to Rs55.98 per litre. Diesel is used in industries to run the machines mostly but the average sales have stopped due to coronavirus lockdown.
Besides this, the average petrol sales are touching 70,000 tonnes per month while the use of diesel is 60,000 tonnes per month.
In the month of May, the government reduced the prices to 74,52 Rs per/ltr. However, for the month of July, there is a great increase in the oil prices by the government. The general sales tax (GST) on all petroleum products has already been increased to 17% by the Government. Last year in January the Government was charging only 0.5% GST on diesel 2%on kerosene and 8 % on petrol.
Federal Minister Omar Ayub Khan in a tweet claimed on Friday night “Pakistan has the lowest petrol price in Sub Continent even after this revision.”