Finance Minister Ishaq Dar on Sunday announced that the federal government has decided to hike the prices of petrol and diesel by Rs35 per litre, which will be applicable from 11 am today.
Dar said that 11 per cent increase was witnessed in the prices of petrol products in the international market.
The prices of kerosene oil and light diesel oil have been increased by Rs18 per litre.
After the latest round of hikes, petrol is now priced at Rs249.80, diesel at Rs262.80, kerosene oil at Rs189.83 and light diesel at Rs187.
The minister was of the view that prices of petroleum products were not increased in the past 4 months, adding that prices of diesel and kerosene oil also decreased during the period.
The minister went on to say that the speculations had also led to an artificial shortage of petroleum products in the market. “On social media, it was reported that [fuel prices] were to be jacked up by Rs47-80 which unfortunately became an incentive for them [hoarders],” he added, “because of this, we have received reports of artificial shortages in the market.”
