Will petrol prices hit Rs430 per litre in Pakistan from May 16?

ISLAMABAD – The federal government is set to announce the new petrol prices in Pakistan at midnight with reports suggesting that these would hit Rs430 per litre. Following the release of a loan tranche of $1.32 billion, the Pakistani government, according to reports, is facing pressure from the International Monetary Fund (IMF) to pass on burden of fluctuation of global fuel prices on people. In previous review, the government has raised the Petroleum Development Levy (PDL) on petrol to an all-time high of Rs117.41 per liter. Meanwhile, the IMF is pressing the government for imposing a standardized levy of Rs160 per liter on all fuel types to help address the fiscal deficit. If the condition is implemented, the petrol prices in Pakistan may face a sharp rise. Current Petrol Prices in Pakistan Currently per litre price of petrol in Pakistan stands at historic high of Rs414.78 per liter while high speed diesel (HSD) is being sold for Rs414.58. What’s Expected from May 16 If the reports suggest an increase in petrol prices comes true, the petrol and diesel prices in Pakistan may hit all-time high of Rs430 per litre. The final decision in this regard will be made by the Ministry of Finance after having consultation with Prime Minister Shehbaz Sharif.