ISLAMABAD: In a snowball effect of the unprecedented rise in petroleum prices globally, the prices of petrol were once again hiked here on late Thursday by up to Rs.8.14 per litre by the government.
According to media reports, the prices have been raised to make sure that the IMF programme is revived. In a late announcement at 1:30am [Friday], the government announced that it was increasing the petrol prices with immediate effect. It is reported that the prices were to be increased much earlier, but the announcement was put off due to the protest by the Tehreek-i-Labbaik Pakistan (TLP).
The government has increased the prices of petrol by Rs.8.03 and high speed diesel by Rs.8.14 citing the increasing tax rates, difference in import price, and the poor exchange rate as the primary reason.
Petrol, after witnessing an increase of Rs.8.03, will now be sold at Rs.145.82 per litre; whereas kerosene and light diesel have recorded an increase of Rs. 6.27 and Rs.5.72 per litre respectively.
The petroleum prices have been hiked by up to Rs.18 per litre in last 20 days by the government.
