ISLAMABAD: With only a few days left in Ramadan, the government increased the pressure on the inflation-affected public by increasing the price of petrol by Rs 272 per litre.
The finance division in its fortnightly bulletin attributed the rise in prices to the depreciation of the Pakistani rupee against the US dollar and an increase in prices registered by Platts Singapore.
According to the notification, the price of petrol has increased by Rs 5 per liter and the price of high speed diesel by Rs 13 per litre.
The price of kerosene has been increased by 2 rupees 56 paise by reducing the dues of the government. Similarly, the price of light diesel oil has also been kept constant by adjusting the government dues.
The new prices will be effective from 12 am (tonight March 16) and will remain in place till March 31.
| Product | Existing prices w.e.f 01.03.2023 | New prices w.e.f 16.03.2023 | Increase |
| Petrol | 267 | 272 | +5 |
| High-speed diesel | 280 | 293 | +13 |
| Kerosene | 187.73 | 190.29 | +2.56 |
| Light diesel oil | 184.68 | 184.68 | Nil |
On February 28, the federal government cut the price of petrol by Rs 5 per liter to Rs 267 per liter for the next fortnight, against market expectations as it expected the government would hike the rate for appeasing the International Monetary Fund (IMF) — whose loan is critical for the cash-strapped nation.
However, as people struggle to make ends meet, rising petrol prices are expected to further push up inflation – already close to a 50-year high – in the coming month of Ramadan. .
