In yet another significant surge in petroleum product rates that occurred on Friday under the interim administration, which assumed control in August, the cost of petrol surged by Rs26.02 per liter, while high-speed diesel (HSD) saw an increase of Rs17.34 per liter.
Speculations had been circulating on Thursday, suggesting that petrol and HSD prices might rise by Rs14 and Rs16 per liter, respectively, over the next two weeks.
Additionally, there were expectations of a roughly Rs10 per liter increase in the price of kerosene oil. However, the actual price hike exceeded these forecasts.
A statement from the finance ministry explained, “Due to the upward trend in international petroleum prices, the government has decided to adjust the current consumer prices.”
— Ministry of Finance (@FinMinistryPak) September 15, 2023
Following this hike, the price of petrol reached an all-time high of Rs331.38 per liter, while HSD is now priced at Rs329.18 per liter. These new prices became effective at midnight.
The caretaker government, on September 1st, had authorized increases in both petrol and diesel prices, leading petrol prices to cross the historic Rs300 per liter mark for the first time in the country’s history.
This latest increase will place additional financial strain on citizens who are already grappling with ongoing economic challenges, including high inflation, the depreciation of the rupee against the dollar, elevated utility bills, and rising prices of essential goods.
The prices of kerosene oil and light diesel oil (LDO) have not been disclosed at this time.