Petrol soars to all-time record price of 160 per liter in Pakistan

The price of petrol has reached a new high, reaching 159.86 per liter, as people across the country continue to face an escalating cost-of-living crisis. The federal government of Imran Khan raised the price of petroleum products by up to Rs12.03, according to a notification from the Finance Division.

Petrol prices shattered all previous records, according to finance ministry officials, citing a surge in the international market that resulted in a drastic increase and the highest level in nearly 8 years.

It also stated that, despite the unabated rise in prices since the beginning of the year, Prime Minister Imran Khan postponed the last review of price increases in petroleum products until January 31, 2022, and advised against the Oil and Gas Regulatory Authority’s summary.

To provide maximum relief to consumers, the government imposed a 0% sales tax and reduced the petroleum levy in comparison to budgeted targets.

Officials said the government was losing around Rs35 billion in revenue every two weeks as a result of the petroleum levy and sales tax changes.

According to experts, the startling situation in the Middle East and Ukraine has also fueled further increases in the prices of petroleum products.

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