ISLAMABAD -The caretaker government in Pakistan has increased the petrol price by Rs4.13 per litre, which will impact the already inflation-stricken masses.
The new petrol price is Rs279.75 per litre, remaining until March 15. The Finance Division has said that the cost of high-speed diesel will remain unchanged at Rs287.33 per litre.
The prices of petroleum products are revised every 15 days to align them with the trend of global oil prices and the rupee’s exchange rate to the dollar.
The Pakistani rupee has remained stable recently. This is the third consecutive hike by the interim set-up, and it will be the last one as an elected prime minister is set to take office by the end of this week, marking an end to the longest-serving caretaker government.
The latest hike was predicted due to an increase in global oil prices amid a recovery in demand, as tensions in the Middle East persist. About 85% of Pakistan’s oil needs are imported, and the country has been struggling with a balance of payments issue and skyrocketing inflation, which stood at 28.3% in January.
