In another massive hike after the interim set up took over the reign, the government on Friday increased the price of petrol by Rs26.02 per litre while the tariff of high-speed diesel (HSD) was hiked by Rs17.34 per litre.
“Owing to the increasing trend of petroleum prices in the international market, the government has decided to revise the existing consumer prices,” a statement from the finance ministry read.
After the hike, the price of petrol has reached a historic high of Rs331.38 per litre while HSD is available at Rs329.18 per litre. The new prices were effective from midnight, September 16.
Read more: Petrol price likely to go up by Rs16 per litre
The caretaker government had recently authorised price hikes for both petrol and diesel, propelling petrol prices to surpass the historic Rs300 per litre threshold for the first time in the country’s history.
This new increase will further burden the citizens who are already grappling with ongoing economic challenges, including soaring inflation, rupee depreciation against the dollar, inflated utility bills, and escalating prices of essential commodities.
The prices of kerosene oil and light diesel oil (LDO) were not announced.
Diesel is widely used in transport and agriculture sectors, and therefore, any increase in its price causes a massive inflationary impact.
Kerosene is used for cooking purposes in remote areas especially in the northern parts of the country where the LPG is not available for cooking. Pakistan Army is also its key user in these areas.