In another jolt to the inflation-hit masses, the government has decided to increase petrol and diesel prices by Rs24.03 per liter from June 16.
This was announced by Finance Minister Miftah Ismail during a press conference today (Wednesday).
After the increase in prices, new petrol price will be Rs235.79 per liter while diesel will be sold at Rs263.31 per liter after an increase of Rs59 per liter, while kerosene oil will be sold for Rs211.43, and the price of light diesel oil will be Rs207.47.
| Commodity | Old Price | New Price | Change |
| Petrol | Rs. 209.86 | Rs. 233.89 | +24.03 |
| Diesel | Rs. 204.15 | Rs. 263.31 | +59.16 |
| Kerosene Oil | Rs. 178.31 | Rs. 211.43 | +33.12 |
| Light Diesel Oil | Rs. 181.94 | Rs. 207.47 | +25.53 |
He said that the new prices will come into effect from 12 am on June 16.
Earlier it was reported that Prime Minister Shehbaz Sharif has rejected a summary to increase in the prices of petroleum products. Sources privy to the finance ministry said that there was no chance of Rs23 increase in price of petrol and Rs53 increase in price of diesel.
“I have never seen the country’s economic condition in this mess… the reason for this is incompetence of Imran Khan and global inflation after coronavirus pandemic… Pakistan had become the third most expensive country in the world during this period,” he added.
On the other hand, the Oil and Gas Regulatory Authority (OGRA) sent a summary to the petroleum division for another increase in petroleum product prices from June 16.
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The oil regulatory authority has prepared a summary requesting an increase in petroleum prices from June 16 in light of negotiations with the International Monetary Fund (IMF).
The authority had also proposed ending fuel price subsidies.
The new prices will be applied from midnight.