Pakistan hikes prices of petroleum products amid decades-high inflation

An employee of a petrol station fills the tank of a customer in Karachi on February 16, 2023, after a hike in prices of petroleum products by the government. (Photo courtesy: AFP)
Short Url
Updated 16 February 2023
Follow

Pakistan hikes prices of petroleum products amid decades-high inflation

  • Government increases price of petrol by Rs22.20 per liter, taking its total price to Rs272.20 per liter
  • Finance Minister Ishaq Dar presented a finance bill on Wednesday, increasing sales tax to 18 percent

ISLAMABAD: Pakistan increased the prices of petroleum products once again on Thursday, as the government seeks to unlock a $1.1 billion loan tranche from the International Monetary Fund (IMF) to stave off an impending default. 

Pakistan’s inflation rate surged to 27.6 percent, the highest in over four decades, on a year-on-year basis in January 2023, due to a surge in the cost of transportation and commodities, official data said. 

Pakistan revises the price of petroleum products every fortnight. The price hike follows the alarming pace at which Pakistan’s currency has devalued ever since Islamabad liberalized exchange rate policies. 

In a notification released late Wednesday night, the Finance Division said the price of petrol has been increased by Rs22.20 per liter, high-speed diesel by Rs17.20 per liter, kerosene by Rs12.90 per liter and light diesel oil by Rs9.68 per liter. 

After the price hike, petrol will now be sold across Pakistan for Rs272.20 per liter. 

“Increase in price is due to Pakistan rupee’s devaluation applicable for the calculation of the current pricing period,” the notification said. 

On Wednesday, Finance Minister Ishaq Dar tabled a finance bill in parliament— another top demand by the IMF— that increased the general sales tax (GST) rate from 17 percent to 18 percent and increased the tax on luxury items from 17 percent to 25 percent.

The government said it had undertaken the move to collect additional taxes of Rs170 billion to meet one of the IMF’s demands. Pakistan has already jacked up tariffs on electricity and gas to meet the international lender’s conditions.


Pakistan expresses solidarity with Australia as gunmen kill at least 12 in Bondi Beach shooting

Updated 14 December 2025
Follow

Pakistan expresses solidarity with Australia as gunmen kill at least 12 in Bondi Beach shooting

  • Gunmen targeted people gathered at Sydney’s famous Bondi Beach to celebrate Jewish Hannukah festival
  • Pakistan, itself a victim of “terrorism,” condemns violence against innocent civilians, says President Zardari

ISLAMABAD: Pakistan’s President Asif Ali Zardari expressed solidarity with Australia on Sunday as gunmen killed at least 12 people and wounded a dozen others in the Bondi Beach shooting that targeted the Jewish community in the country. 

New South Wales (NSW) police said two people had been taken into custody, and the Australian Broadcasting Corp. said one of at least two gunmen was among those killed. Around a dozen people were taken to local hospitals after the shooting, an NSW ambulance spokesperson said.

The attackers targeted a large group gathered at the northern end of Sydney’s Bondi Beach, near or at Bondi Park playground, as per news reports, when the attack happened. Gunmen attacked people who were there to celebrate an event related to the Jewish festival of Hannukah. 

“President Asif Ali Zardari has expressed sorrow over the tragic shooting in Sydney, conveyed condolences to the victims’ families & wished the injured a speedy recovery,” the president of Pakistan’s official account on X wrote. 

“Pakistan itself a victim of terrorism, stands in solidarity with & condemns violence against innocent civilians.”

Prime Minister Shehbaz Sharif also condemned the Sydney attack, expressing condolences with victims of the incident. 

“Pakistan condemns terrorism in all its forms and manifestations,” he wrote on X. 

As per international media reports, one of the gunmen has been identified as Naveed Akram from Bonnyrigg in Sydney’s southwest. His country of origin remains unclear. 

One of the world’s most famous beaches, Bondi is typically crowded with locals and tourists, especially on warm weekend evenings.

Videos circulating on X appeared to show people on the beach and nearby park scattering as multiple gunshots and police sirens could be heard. One video showed a man dressed in a black shirt firing a large weapon before being tackled by a man in a white T-shirt who wrestled his weapon off him. A different man was seen firing a weapon from a pedestrian bridge.

Another video showed two men pressed onto the ground by uniformed police on a small pedestrian bridge. Officers could be seen trying to resuscitate one of the men. Reuters could not immediately verify the footage.

The attack came almost exactly 11 years after a lone gunman took 18 people hostage at the Lindt Cafe in Sydney. Two hostages and the gunman were killed after a 16-hour standoff.