ISLAMABAD: A day after the mini-budget tabled in the National Assembly, the federal government has hiked prices of petroleum products up to Rs4.15 for the next 15 days.
The new price of petrol is fixed at Rs144.82, according to a notification issued by the finance ministry, whereas, the price of light diesel has been increased by Rs4.15, kerosene oil Rs3.95 while petrol and diesel have been increased by Rs4 from January 01, 2022.
The new price of petrol is fixed at Rs144.82 per litre after increasing it from Rs140.82 per litre, HSD from Rs137.62 to Rs141.62, Kerosine oil from Rs109.53 to Rs113.53 and light diesel oil from Rs107.06 to Rs111.06.
Analysts say the government has increased the POL prices up to Rs4.15 per litre to give a signal to the International Monetary Fund (IMF) for the imposition of taxes besides indicating the nationals to get prepared for a new wave of inflation.
The POL prices’ hike will financially impact middle-class and lower-middle-class people using private transport, small vehicles, rickshaws and motorcyclists.
In the wake of the recent withdrawal of tax exemptions by the federal government in the mini-budget, it will also discourage investors in the country that will affect the production due to less purchase power of the nationals.