Islamabad [Pakistan]: As Ramzan approaches, the Pakistani Government has increased the cost of petrol to Pakistani Rupee (PKR) 272 per litre, adding pressure on the inflation-weary people, Geo News reported.
According to Pakistan-based Geo News, in its fortnight bulletin, the Finance Division attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore. Platts Singapore is a pricing basis for many refined products in southeast Asia.
“Accordingly the price of petrol has increased by PKR 5 per litre and the price of hi-speed diesel has increased by PKR 13 per litre,” the notification read.
The price growth of kerosene oil has been held at PKR 2.56 by reducing the Government’s dues on it. Similarly, the price of light diesel oil has been kept constant by adjusting the Government dues as well.
The revised prices are in effect as of March 16 at 12 am and are valid till March 31.
The Pakistan Government on February 28 decreased the price of petrol by PKR 5 per litre to PKR 267 per litre for the next fortnight, which was a bit opposed to the market prediction as it expected that the Government would hike the rate to appease the International Monetary Fund (IMF), whose loan is critical for the cash-strapped nation.
However, while people struggle to make ends meet the petrol price hike is expected to further push inflation — which is already near a 50-year high — in the upcoming month of Ramzan.