Two days before the regular bimonthly review, the federal government unexpectedly announced a significant hike in the price of petroleum products on Sunday morning with immediate effect.
Ishaq Dar, the finance minister, made the announcement during a press conference. Under the new tariffs, the cost of gasoline has increased by 35 rupees per litre.
The decision was made earlier, according to the finance minister, since social media was replete with reports of a 50 rupee hike, which led to fabricated shortages in the market..
Govt announced new prices of Petroleum Products with effect from 11.00 hrs, 29 Jan ,2023.
High Speed Diesel-Rs 262.80 per litre
MS Petrol —Rs 249.80 per litre
Kerosene Oil -Rs 189.83 per litre
Light Diesel Oil – Rs 187 per litre
— Ministry of Finance (@FinMinistryPak) January 29, 2023
ccording to the minister, the depreciation of the Pakistani Rupee against the US Dollar and the rise in oil prices on the world market are to blame for the increase in gasoline prices.
High-speed diesel has also seen a price hike of Rs. 35 per litre in addition to gasoline. Kerosene oil and light diesel oil (LDO) have both seen a rise in price of Rs. 18 per litre.
With the rise, the cost of gasoline has increased to Rs. 249.80 per litre and the cost of HSD has increased to Rs. 262.80 per litre. Kerosene oil will now cost Rs. 189.83 per litre, while light diesel oil will cost Rs. 187 per litre.
