Petrol and diesel prices hiked up to Rs20 per Liter!

The government hiked fuel prices by up to Rs20 per litre for a second time in two weeks, possibly boosting inflation.

petrol price in pakistan

The interim caretaker administration has announced a significant increase in the price of fuel, as the liter cost of petrol price in pakistan hiked up to Rs290.45 and the liter cost of high-speed diesel to Rs293.40, respectively. This represents an increase of around Rs18 and Rs20, respectively.

The statement was made at noon on Tuesday, a fortnight after the previous administration, which had been led by Shehbaz Sharif, raised the cost of the two goods by twenty rupees.

The new rates of petrol prices were communicated by the Finance Division, which said that there was a rise in the cost of petroleum on the global market during the previous two weeks.

It was said that as a direct consequence of this, the prices paid by consumers in Pakistan were also being adjusted.

After Anwaarul Haq Kakar became the caretaker prime minister a day ago, this is the first time the prices of petroleum goods have changed since he took over the helm of the government.

The notice from the Finance Division says that the new prices will go into effect on Wednesday, August 16.
In exchange for a rescue deal from the International Monetary Fund (IMF), Pakistan has agreed to charge up to Rs50 per liter for gasoline.
The world bank’s executive board approved a $3 billion, nine-month standby plan for Pakistan last month. This was done “to support the authorities’ economic stabilization program.”

IMF officials said in a statement that the board had approved a bailout package for Pakistan totaling $2.25 billion in Special Drawing Rights (SDRs), the reserve funds that the institution credits to the accounts of its member nations. This is equivalent to about $3 billion, or 111% of Pakistan’s quota. Petrol price in pakistan hikes up approximately every month.

Read More: Petrol Prices shoot up and Sets a New Record

Written by Shaheer Ahmed


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