With only a few days till Ramadan, the government increased the prices of gasoline to Rs. 272 a liter, putting further strain on the already-tired population from inflation.
The loss of the Pakistani rupee versus the US dollar and an increase in cost reported by Platts Singapore were cited by the Finance Division as the causes of the price increase in its fortnightly bulletin.
“Accordingly, the price of MS (Petrol) has increased by Rs. 5 per liter and the price of Hi-Speed Diesel has increased by Rs. 13 per liter,” the notification read.
By lowering the government’s dues on it, the price of kerosene oil has remained same at Rs. 2.56. The price of light diesel oil has also been maintained by altering government fees in a similar manner.
The new prices has been in force starting at 12 a.m. (from March 16) and lasting through March 31.
Contrary to what the market had predicted, the federal government cut the cost of petrol on February 28 by Rs. 5 per liter, to Rs. 267 per liter for the following two weeks.
Revised Prices of Petroleum Products
|Product||Existing prices w.e.f
|Revised prices w.e.f
|High Speed Diesel (HSD)||280||293||+13|
|Light Diesel Oil (LDO)||184.68||184..68||No Change|
For the sake of trying to appease the International Monetary Fund (IMF), whose loan is crucial for the country’s cash-strapped economy, it is anticipated that the government will increase the rate.
However, the increase in petrol prices is anticipated to further drive inflation, which is already close to a 50-year high, in the next month of Ramadan as people struggle to make ends meet.
To read our blog on “Rs. 5 per liter reduced on petrol from March 1st to 15th,” click here.