In a surprise move, the federal government announced a massive increase in the price of petroleum products on Sunday morning with immediate effect, two days before the scheduled fortnightly review.
The decision was announced by Finance Minister Ishaq Dar in a press conference. Under the revised prices, the price of petrol has been jacked up by Rs. 35 per liter.
The finance minister said that the decision has been announced earlier as social media was rife with rumors of an increase of Rs. 50, which has created artificial shortages in the market.
The minister said that the increase in petroleum prices is due to the depreciation of the Pakistani Rupee against the US Dollar and the increase in oil prices in the international market.
Along with petrol, the price of high-speed diesel has also been increased by Rs. 35 per liter. The price of light diesel oil (LDO) and kerosene oil has also been increased by Rs. 18 per liter.
With the increase, the price of petrol will now be Rs. 249.80 per liter while the price of HSD will be Rs. 262.80 per liter. Similarly, the new price of kerosene oil will be Rs. 189.83 while the price of light diesel oil with Rs. 187 per liter.
