ISLAMABAD: The government of Pakistan has increased the price of petrol just days before Ramadan, raising it to Rs272 per litre. This price hike is likely to add pressure on the already inflation-weary people of the country. The new prices will be in effect from 12am on March 16 and will remain in place until March 31.
According to the Finance Division’s fortnight bulletin, the reason for the price hike is the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore. As a result, the price of MS(Petrol) has increased by Rs5 per litre, and the price of hi-speed diesel has increased by Rs13 per litre.
However, the government has reduced its dues on kerosene oil, keeping its price hike at Rs2.56 only. The price of light diesel oil has also remained constant, with the government adjusting its dues to keep the price stable. Despite these measures, the increase in petrol and diesel prices is likely to put further strain on the Pakistani economy and people’s daily lives.
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This was a surprising move on February 28 for People of Pakistan. The government reduced the price of petrol by Rs5 per litre to Rs267 per litre for the next two weeks. This decision went against market predictions. It is believed that government would increase the rate just to appease the International Monetary Fund (IMF).
Pakistan raised petrol prices to Rs272 per litre due to the Pakistani rupee’s depreciation against the US dollar and an increase in prices registered by Platts Singapore. The increase in prices is likely to exacerbate inflation, which is already near a 50-year high, before Ramadan. The new prices will be effective from March 16 to March 31.