On Tuesday midnight, the caretaker government announced a massive hike in petroleum product prices. According to the new notification, Petrol price is increased by Rs18 and High-Speed Diesel by Rs20. After the new price hike, petrol will be available at Rs290.45 and diesel at Rs293.40.
Finance Division, which approved the new prices, said that the effect of petroleum product prices in the international market had caused a surge in rates. A few weeks ago the Shehbaz-led coalition government increased the prices by Rs20 on petroleum products.
— Ministry of Finance, Government of Pakistan (@Financegovpk) August 15, 2023
The new prices will be effective from August 16 – Wednesday. This is the first increase in prices during the interim government led by Anwaarul Haq Kakar.
Earlier, it was unveiled that Pakistan would jack up the petroleum levy by Rs50 per litre to follow the International Monetary Fund (IMF) agreement.