Govt hikes petrol price by Rs5, diesel by Rs13 a litre

ISLAMABAD: With only a few days left in Ramazan, the government raised the price of petrol to Rs272 per litre, adding pressure on the inflation-weary people.

The Finance Division, in its fortnight bulletin, attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore, reported Geo News.

“Accordingly, the price of MS (Petrol) has increased by Rs5 per litre and the price of hi-speed diesel has increased by Rs13 per litre,” the notification read. The increase in the price of Kerosene oil has been kept at Rs2.56 by reducing the government’s dues on it. Similarly, the price of light diesel oil has been kept constant by adjusting the government dues as well.

The new prices will come into effect from 12am (tonight, March 16) and remain in place till March 31.

On February 28, the federal government decreased the price of petrol by Rs5 per litre to Rs267 per litre for the next fortnight, which was against the market prediction. It was expected that the government would hike the rate for appeasing the International Monetary Fund (IMF) whose loan is critical for the cash-strapped nation.

While people struggle to make both ends meet, the petrol price hike is expected to further push inflation, which is already near a 50-year high, in the upcoming month of Ramazan.