ISLAMABAD – The newly installed government has jacked up petrol prices by Rs30 to a record Rs209.86 per litre a week after it announced an Rs30 hike.
Federal Finance Minister Miftah Ismail announced the development at a press conference, saying the new prices will take effect from June 3, tomorrow.
With the second increase in the same week, the price of petrol stands at Rs209.86, diesel at Rs204.15. The price of kerosene oil has been increased to Rs181.94 per litre with a difference of Rs26.38 per litre.
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The country’s finance chief revealed that the hard step was taken in wake of soaring prices of petroleum products in the international market, revealing that the government was still bearing losses despite the massive surge.
PML-N leader maintained that the government is aware that the decision will lead to more inflation, terming the move mandatory.
The development comes hours after the National Electric Power Regulatory Authority (Nepra) approved a massive increase of Rs7.91 per unit in the electricity tariffs.
NEPRA increases power tariff by Rs7.91 per unit amid skyrocketing inflation
A single unit of electrifying was increased from Rs16.91 to Rs24.82. Nepra has sent the hike to the federal government for notification.
