ISLAMABAD: Due to an abrupt and high increase in petroleum products prices, including petrol and diesel by Rs. 60 per litre, the prices have considerably risen to Rs 209 per litre and diesel by Rs 204.15 per litre.
The current government has brought changes and raised the prices of petrol and diesel Rs 30 per litre hike on May 27 2022 and once again Rs 30 on June 3rd, 2022.
One of the top officials of the Petroleum Division said that although the govt has risen the prices of petroleum products by Rs 60 per litre in the last 7 days, there is still Rs. 9.32 per litre on petrol and 23.05 per litre on diesel is still there.
The petroleum devision official said that subsidy means that the government is still paying subsidy the govt may have to go for the third time more increase in the petrol and diesel products.
On the other hand, the IMF has strictly asked the govt to remove the subsidy by 100 per cent on POL products. After removing the subsidy from POL products, the government will have to impose a petroleum levy and taxes.
But there is also good news that OPEC oil cartel and their allied producing countries also consist of Russia have agreed to increase the oil production by 648,000 barrels per day in July and August.
