In a sudden move, the federal government announced a significant increase in the prices of petroleum products, effective immediately, two days prior to the scheduled fortnightly review. The announcement was made by Finance Minister Ishaq Dar during a press conference.
Under the new prices, the cost of petrol has gone up by Rs. 35 per liter. The finance minister stated that the decision was made ahead of schedule due to rumors spreading on social media regarding a price hike of Rs. 50, causing artificial shortages in the market. The increase in petroleum prices is attributed to the depreciation of the Pakistani Rupee against the US Dollar and the rise in oil prices in the international market.
In addition to petrol, high-speed diesel has also seen a rise of Rs. 35 per liter. The prices of light diesel oil (LDO) and kerosene oil have increased by Rs. 18 per liter. As a result, the price of petrol is now Rs. 249.80 per liter, while the price of HSD is Rs. 262.80 per liter. The price of kerosene oil has risen to Rs. 189.83 and the price of light diesel oil is now at Rs. 187 per liter.
