Petrol price, Pakistan

Why is the government suddenly looking to raise petrol prices?

The federal government has started preparations to make petroleum products more expensive from July 1. In this regard, a summary has been sent to the Petroleum Division by the Oil and Gas Regulatory Authority (OGRA).

In the summary sent to the Petroleum Division by OGRA, it has been proposed to increase the price of petrol by Rs 6 and high speed diesel by Rs 3 per liter from July 1.

However, the final decision on prices will be made with the approval of Prime Minister Imran Khan. The finance ministry will announce the new prices tomorrow.

But why?

On June 20, former finance minister Miftah Ismail had said the government had fixed Rs 610bn for petroleum levy, and the current indicators showed that about Rs30.5 would be further increased in petroleum prices, which in turn may further lead to a hike in the price of basic edibles.

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