Petrol, diesel prices jump to PKR 415 per litre in Pakistan amid West Asia crisis

Amid the ongoing West Asia conflict, the Shehbaz Sharif-led government in Pakistan has hiked petrol and diesel price by around PKR 15 per litre each. This comes after the International Monetary Fund (IMF) cleared the way for the debt-ridden nation to receive around $1.32 billion under existing facilities.

In a statement on Friday, May 8, the IMF stated that Pakistan will get $1.1 billion under the lender’s Extended Fund Facility as well as about $220 million under the climate-focused Resilience and Sustainability Facility.

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Petrol, diesel price hiked in Pakistan

As per the official notification issued by Pakistan’s Ministry of Energy (Petroleum Division), the price of petrol has been increased from PKR 399.86 to PKR 414.78, while the high speed diesel (HSD) price has gone up from PKR 399.58 to PKR 414.58 per litre.

According to local media reports, this marks the third consecutive increase in petrol and diesel prices by the Pakistani government, which has already hiked petrol by PKR 33.28 per litre and PKR 46.16 on diesel over the previous two weeks, Geo News reported.

Also, petrol and diesel levy has been raised by PKR 13.91 per litre by the Shehbaz Sharif-led government, local media reports said.

The levy on petrol has reportedly been increased from PKR 103.50 to PKR 117.41 per litre and the levy on diesel has been hiked from PKR 28.69 to PKR 42.60 per litre.

Meanwhile, the government has reduced the price for kerosene oil by PKR 41.80 per litre, as per the official notification issued by the authorities.

After the latest cut, the price for kerosene oil has now been fixed at PKR 318.96 per litre.

In recent times, the Pakistani government has reviewed petroleum prices every Friday night, amid global oil market volatility linked to the ongoing conflict in West Asia.