ISLAMABAD: Pakistan increased the prices of petrol, high-speed diesel, kerosene and light diesel oil on Tuesday, saying the new rates would be applicable from Wednesday, February 16.
The government has faced criticism for increasing fuel prices during the last few months amid rising inflation, though its top officials argue Pakistan still offers petroleum products at the cheapest rates in the region.
The country fixes these prices on a fortnightly basis to pass on the impact of fluctuating international prices to consumers.
“The prices of Petroleum Products are showing drastic increase in the international market and presently are at the highest since 2014,” a statement from the Finance Division said on Tuesday, adding that despite the unabated increase since the beginning of the year, Prime Minister Imran Khan had deferred the last review of petroleum prices on January 31, 2022.
“In order to provide utmost relief to the consumers, government levied zero percent Sales Tax and reduced the Petroleum Levy rate against the budget targets,” the statement said.
With an increase of Rs12.03, petrol will now be available for Rs159.86 and high-speed diesel’s at Rs154.15, a rise of Rs9.53. Kerosene will be sold for Rs126.56 per liter after an increase of Rs10.08 while light diesel oil will be available for Rs123.97 after a Rs9.43 increase in its previous rate.
The Finance Division said the government was bearing a revenue loss of around Rs35 billion (fortnightly) “on account of budgeted to existing PL [Petroleum Levy] and ST [Sales Tax] have been kept to the minimum.”
Petrol price hits historic high in Pakistan after Rs12.03 hike
https://arab.news/wzdfp
Petrol price hits historic high in Pakistan after Rs12.03 hike
- Pakistan increases prices of petrol, high-speed diesel, kerosene and light diesel oil
- High-speed diesel’s new price per liter is Rs154.15, a rise of Rs9.53
PM Sharif calls on Pakistan, UAE to enhance cooperation in trade and investment
- Prime Minister Shehbaz Sharif meets UAE Ambassador Salem Mohammed Salem Al Bawab Al Zaabi
- Sharif invites collaboration with UAE in energy, minerals, IT, railways and aviation sectors, says PMO
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday called on Pakistan and the UAE to enhance their trade, economic and investment relations, inviting investment from the Gulf country in Pakistan’s priority sectors.
The UAE is Pakistan’s third-largest trading partner and a major source of foreign investment for the South Asian country. In May 2024, the UAE committed to investing $10 billion in Pakistan’s economic sectors in the coming years.
Sharif met UAE Ambassador Salem Mohammed Salem Al Bawab Al Zaabi at the Prime Minister House on Tuesday where the two sides discussed bilateral relations and economic ties, the Prime Minister’s Office (PMO) said.
“Expressing his satisfaction at the volume of bilateral trade between the two sides, the Prime Minister further highlighted the need for both sides to focus on enhancing economic ties, trade, investment opportunities, and collaboration in areas such as energy, minerals, IT, railways and aviation,” the statement said.
Sharif also invited increased UAE investments in key sectors to support Pakistan’s economic growth and stability, the PMO said.
The Pakistani prime minister acknowledged the UAE’s consistent support for Pakistan “in times of need,” acknowledging the country’s humanitarian assistance and developmental projects.
Al Zaabi thanked the Pakistani premier for extending him a warm welcome, the PMO said.
“He reaffirmed the UAE’s firm resolve and keen interest to deepen its partnership with Pakistan across all spheres and assured the Prime Minister that he would work hard to explore new avenues for cooperation that would benefit both nations,” the statement concluded.
