The Caretaker Government Raises Fuel Prices
ISLAMABAD: The caretaker government has pushed through a sharp hike in the price of petrol by Rs14.91 per litre and high-speed diesel (HSD) by Rs18.44 per litre.
The increase brings the price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre, the Ministry of Finance said in a post on X (formerly Twitter) after midnight.
No Revision in Kerosene and Light Diesel Oil Rates
No revision was specified in the rates of kerosene of light diesel oil.
Continuation of Price Hikes
The price increase comes on the heels of an already massive hike on August 15 when the interim government raised fuel prices by up to Rs20 per litre. That jump in petroleum prices had come after similar hikes by the previous government on Aug 1.
Reasons for the Price Hike
The price hike is based on existing tax rates and import parity prices, mainly because of currency depreciation and a slight incÂrease in international oil prices.
Record Low Rupee Value
The rupee yet again continued to extend losses on Thursday sliding another Rs1.09 against the US dollar in the interbank market. It closed at a record low of Rs305.54.
Since the induction of the caretaker set-up, the rupee has shed 4.6pc. Through August, the rupee lost 6.2pc.
