The price of petrol has been jacked up by Rs9.42 per litre with effect from today, May 5, after the Economic Coordination Committee of the federal cabinet approved the hike in a meeting on Friday.
Petrol is now priced at Rs108.31 per litre, whereas kerosene oil is available for Rs96.77.
Diesel price has been increased by Rs4.89 per litre, after which the commodity is now priced at Rs122.32 per litre. The new price of light-diesel oil is Rs86.94 per litre.
Meanwhile, the Federal Board of Revenue has levied a higher GST (sales tax) on petrol, hiking it from 2 percent to 12 percent. The GST on high-speed and light-diesel oil now stands at 17 percent, while the tax on kerosene oil has been increased from 8 to 17 percent.
Commenting on the latest hike in fuel prices, Special Assistant to the Prime Minister on Information and Broadcasting Firdous Ashiq Awan said “the government has not dropped the petrol bomb intentionally.”
“Fuel prices have gone up all over the world. The burden of the increased prices would have to be borne by the government and public together,” she added.