Government increases petrol prices by Rs3 per liter for remaining 15 days of January.
147.83 Rs per liter petrol will be the new price effective from 0000 hours, January 16th, 2021.
According to the notification issued by the Finance Division on Saturday, besides petrol, an increase in other petroleum products will also be enforced starting January 16.
Petrol, with the Rs3.01 increase, will now cost Rs147.83 per litre, whereas high-speed diesel, with an increase of Rs3, will now cost Rs144.62 per litre.
While, kerosene will cost Rs3 more and will thus be priced at Rs116.48 per litre, while light diesel oil will become Rs3.33 dearer to cost Rs114.54 per litre.
“Against the recommendation of OGRA for an increase of Rs5.52/litre in petrol and Rs6.19/litre in HSD prices, the Prime Minister has directed to absorb the international prices through a further cut in Sales Tax,” read a notification issued by the Finance Division.
“The finance ministry will take Rs2.6-billion hit on revenue due to reduced Sales Tax,” it said.
“Petroleum products are showing a fourth-straight weekly gain and witnessed an increase of 6.2% just in last week in the international market,” added the notification.
“The existing Sales Tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets.”