Govt Announces Big Increase in Price of Petrol

The caretaker federal government has decided to increase the prices of both petrol and high-speed diesel. According to a notification issued by the Finance Division, the price of petrol has been raised by Rs. 13.55 per liter to Rs. 272.89 per liter, while the price of high-speed diesel has been increased by Rs. 2.75 per liter to Rs. 278.96 per liter. At the last fortnightly review of petroleum prices, the caretaker government reduced the price of petrol by Rs. 8 per liter. However, the price of high-speed diesel was kept unchanged. The prices of petroleum prices in the country are largely dependent on international oil prices and the exchange rate. However, a major component in the current prices is the petroleum development levy. The government is currently charging Rs. 60 levy on every liter of both petrol and high-speed diesel.