ISLAMABAD: Government is likely to drop petrol bomb on already suffering masses by increasing prices of petroleum products by up to Rs 20 per litre. On August 15, government increased petrol price by Rs 6.72 per litre, while slashed diesel price by Re 0.51.

Finance division in its statement said that in wake of fluctuations in petroleum prices in international market and exchange rate variations, government decided to revise existing prices of petroleum products to pass on impact to consumers.

On other hand, Pakistan had assured International Monetary Fund to gradually increase levy on petroleum products up to Rs 50 per litre. A letter of intent had been agreed upon between Pakistan and IMF. According to sources familiar with development, Pakistan has assured the international lender that government will gradually increase levy on petroleum products to Rs 50.

Published in The Daily National Courier, August, 25 2022

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