To secure the International Monetary Fund (IMF) loan tranche, the federal government has increased the price of gasoline to an all-time high.
The Finance Division, on late Wednesday evening, hiked the price of gasoline by Rs22.20 per liter, high-speed diesel by Rs17.20 hike, kerosene oil by Rs12.90, Rs9.68, and light diesel oil by Rs196.68.
At midnight tonight, the new prices will take effect.
The new prices will come into effect from midnight tonight.
| Product | Existing Prices w.e.f 29/1/2023 | New prices w.e.f 16/2/2023 | Increase |
| Petrol | 249.80 | 272 | 22.20 |
| High speel diesel | 262.80 | 280 | 17.20 |
| Kerosene | 189.83 | 202.73 | 12.90 |
| Light diesel oil | 187 | 196.86 | 9.68 |
Following the mini-budget, one of the requirements from the IMF was an increase in the price of petroleum goods, which, when combined with the “mini-budget’s” new fiscal measures, will worsen the already record-high inflation.
The federal government, led by the Pakistan Democratic Movement (PDM), presented the “mini-budget” to reduce the budget deficit and enhance tax collection.
The Federal Board of Revenue (FBR) has issued an SRO increasing the regular GST rate from 17 to 18 percent to collect a total of Rs115 billion in taxes. Other measures related to the Finance (Supplementary) Bill 2023, often known as the “mini-budget,” will raise the remaining Rs55 billion.
