Finance Minister Ishaq Dar announced a significant increase of Rs19.95 in the cost of petroleum products on Tuesday.
The finance minister stated during his televised remarks that high-speed diesel (HSD) and petrol prices have gone up during the previous 15 days on the international market.
According to him, the government had been monitoring the “working” of the Oil and Gas Regulatory Authority (Ogra) well into the wee hours of the morning.
“We were looking at ways to reduce it, if there was any leeway in the working,” Dar said when asked why the announcement had been delayed.
The minister stated that the matter was also discussed with Prime Minister Shehbaz Sharif.
He noted how the previous PTI administration had broken its promises to the lender, saying, “We all know that the international commitments we have with the International Monetary Fund (IMF) regarding the petroleum levy, if they weren’t there […] then we would’ve announced a smaller increase but everyone knows we have a standby agreement.”
“Therefore, in the interest of the nation, it is imperative that the minimum increase calculated to be passed; HSD’s new price will be Rs273.40. The price of petrol has also gone up by Rs19.95 to Rs272.75”, the minister announced.
Dar continued by saying that the new prices would take effect right away.
