Govt increases Petrol and Diesel prices massively terming the move ‘national interest’

The federal government on Aug 1, increased the prices of petrol and diesel massively, terming the move a ‘national interest’.

Finance Minister Ishaq Dar on Tuesday announced a massive hike of Rs19 in petrol and diesel prices, taking the new rate to Rs272.95 and 273.40 per liter, respectively.

The revised prices of petrol and diesel have come into effect immediately.

The finance minister said that the price of high-speed diesel (HSD) and petrol in the international market had increased over the last 15 days.

He said that the government had checked the “working” of the Oil and Gas Regulatory Authority (Ogra) until the late hours of the night.

The announcement was due on July 31, but the government did not issue new rates as of Aug 1 morning.

“The delay in the announcement, the basic reason was that we were looking at if there were ways to reduce it, if there was some leeway,” Dar clarified.

The minister said that the matter was then discussed with Prime Minister Shehbaz Sharif earlier today.

“We all know that the international commitments we have with the International Monetary Fund (IMF) regarding the petroleum levy, if they weren’t there […] then we would’ve announced a smaller increase but everyone knows we have a standby agreement,” he said as he highlighted how the previous PTI government had reneged on its promises with the money lender.

“So in the country’s interest, it is necessary that the minimum increase calculated to be passed and HSD is being increased by Rs19.90 and the new price will be Rs273.40. And petrol price is being increased by Rs19.95 to Rs272.95,” the minister said in the televised address.