In an effort to satisfy the International Monetary Fund (IMF) and secure a crucial loan tranche, the federal government has raised the price of petrol to a historic high. This move comes mere hours after the introduction of a tax-laden “mini-budget”.
Petroleum division confirmed that the price of petrol has increased by Rs22.20 to reach Rs272 per litre, citing the devaluation of the rupee relative to the dollar as the primary reason for the surge.
The revised petrol prices are effective from 12 am tonight.
Following an increase of Rs17.20, the cost of high-speed diesel has risen to Rs280 per litre. Similarly, kerosene oil is now priced at Rs202.73 per litre after a hike of Rs12.90, while light diesel oil is available at Rs196.68 per litre after an increase of Rs9.68.
It is noteworthy that the surge in the prices of petroleum products was a requirement set by the lending organization based in Washington, which could result in a further escalation of the already record-high inflation. This development is compounded by the recent implementation of new fiscal measures via the ‘mini-budget’.
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