New Petrol Price – The government of Pakistan has announced the latest petroleum prices, revealing the rates for petrol and diesel in the country.

The caretaker government has increased huge prices of petroleum products by up to Rs20 per litre amid a rise in global oil rates.

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— Ministry of Finance (@FinMinistryPak) August 15, 2023

“Petroleum prices in the international market have increased during the last fortnight. As a result the consumer prices in Pakistan are also being revised,” the Finance Divison said in a statement late Tuesday.

The cost of petrol has gone up by Rs17.50 per liter, and high-speed diesel (HSD) now costs Rs20 more per liter. Earlier, on August 1, the previous government (PDM-led) had increased the price of petrol and diesel by Rs19 per liter, stating it was due to higher global oil prices. The new rates were supposed to be announced on July 31, but they were delayed to consider the impact on people dealing with inflation.

Ishaq Dar, who was the finance minister until his government ended on August 12, explained that the price hike was necessary because Pakistan agreed with the IMF to add a petroleum development levy (PDL) to the rates.

The increase in diesel’s price, which is commonly used in transportation and agriculture, will likely contribute to more inflation in the country.