Latest petrol price in Pakistan

 The Pakistan Democratic Movement (PDM)-led government announced a hike in the price of gasoline for the upcoming fortnight, bringing the rate to a historic Rs272 a litre, just hours after releasing a "mini-budget" for the nation's inflation-stricken citizens.

A press release from the Finance Division stated Wednesday night that the price of gasoline has increased to Rs272 per litre after an increase of Rs22.20 and that the hike is the result of the rupee's depreciation against the dollar.

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

After an increase of Rs17.20, the cost of high-speed diesel has risen to Rs280 a litre. Following a price increase of Rs12.90, kerosene oil is now offered at Rs202.73 per litre. Light diesel oil, meanwhile, will cost Rs196.68 per litre following a hike of Rs9.68.

The new rates will take effect at midnight tonight.

One of the prerequisites for the Washington-based lender was an increase in the price of petroleum products, which will boost the already record-high inflation when combined with the new fiscal measures implemented through the "mini-budget."

Inflation in Pakistan is expected to average 33% in the first half of 2023 before falling lower, according to senior economist Katrina Ell of Moody's Analytics, and a rescue from the IMF on its own is unlikely to restart the economy.

The federal government, which is led by the Pakistan Democratic Movement (PDM), wants to increase tax collection and decrease the budget deficit through the "mini-budget."

In order to collect taxes totaling Rs115 billion, the Federal Board of Revenue (FBR) has issued an SRO raising the standard 17% general sales tax (GST) to 18%. The remaining Rs55 billion will be generated through other measures in connection with the Finance (Supplementary) Bill 2023, also known as the "mini-budget."