The government has increased the petrol price by Rs9.66 per litre for the next two weeks. The new price of petrol will be Rs289.41 per litre from April 1.
The finance ministry has announced the hike on the recommendation of Ogra- the Oil and Gas Regulatory Authority.
The newly elected government has made the increase almost 10 days before the Eid-ul-Fitr. Political parties and public have criticised the decision. The previous price of petrol was Rs279.75 per litre.
Many believe the goverment is increasing the prices of the petroleum products on the pressure of the IMF. It is subsequently ending the subsidies on basic utilities including petrol, gas and electricity. The government, however, claimed the increase in petroleum prices has been announced on the increase of the prices in international market.
The minister has also hike the price of high-speed diesel (HSD) Rs3.32 to Rs282.24 per litre.
Leaders of the Pakistan Tehreek-e-Insaf (PTI) , Jamaat-e-Islami (JI) and other opposition parties have criticised the government decision which they said is already charging a petroleum development levy (PDL) of Rs60 per litre.
Reports say the government has collected about Rs475bn in the first half (July-December) through the taxes on petroleum products and is expected to mop up about Rs970bn by the end of the fiscal year.
