Petrol, and diesel prices in Pakistan surge past 300-mark
As the nation grapples with high electricity bills, the caretaker government late Thursday jacked up the petrol and diesel prices by over Rs 14.
The Finance Division said the hike was due to the “increasing trend of petroleum prices in the international market and exchange rate variations”.The Finance Division said that the price of petrol will go up by Rs14.91 per liter, and the price of high-speed diesel (HSD) by Rs18.44 per liter. Now, the price for one liter of petrol will be Rs305.36, and the HSD price will be Rs311.84.The local currency is at an all-time low following an easing in import restrictions that has increased the greenback’s demand and rising risks associated with financing the country’s current account deficit. The rupee has lost over Rs15 in the interbank market since the formation of the caretaker government which with overseeing at least one review of the International Monetary Fund (IMF) $3 billion standby arrangement; and steering the country through to a national election that is in theory due to take place by November.
ProductExisting priceNew price w.e.f Sept 1ChangePetrol290.45305.36+14.91Diesel293.40311.84+18.44
Earlier today, The News had reported that the interim government was likely to increase the price of petrol and diesel citing sources in the oil industry.According to the working of the oil industry, regarding the ex-depot prices of petroleum prices, the price of petrol and high-speed diesel would likely record a large increase. The government would review the prices of petroleum on Thursday night under the review of the prices’ formula.On August 1, the government raised the price of petrol by Rs 19.95 per liter and of high-speed diesel by Rs 19.90 per liter. On August 16, the price of petrol raised by Rs 17.50 per liter, and the price of high-speed diesel increased by Rs 20 per liter.