The government on Tuesday dropped a major bombshell on the people by increasing the price of petrol by Rs12.03 per litre due to an increase in the prices of crude oil in the international market.
“The prices of petroleum products are showing drastic increase in the international market and presently are at the highest level since 2014. Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products' prices on January 31, 2022 and advised against the summary of OGRA,” said the finance division in the latest statement.
The finance division stated that the government had also levied 0% sales tax and reduced the levy to provide “relief” to the consumers against budgeted.
The finance division said that the “relief” had led the government to bear a revenue loss of around Rs 35 billion fortnightly.
“In the fortnightly review of Petroleum Products' prices, prime minister has considered the recommendation to increase the prices of petroleum products in line with change in the international oil prices. Despite increase in the prices of petroleum products, Petroleum levy and sales tax have been kept to the minimum,” said the notification.