On Sunday morning, two days before the government’s regular biweekly review, it said that the prices of petroleum products would go up a lot, starting right away.
Finance Minister Ishaq Dar made the announcement at a press conference.
According to the new pricing structure, the price of a gallon of gasoline has increased by Rs. 35.
Also Read More: Prices of Petroleum Products to Remain Unchanged Ishaq Dar
There had been widespread speculation on social media about an impending increase of Rs. 50, the finance minister said, leading to the appearance of artificial scarcities in the market.
The minister explained that rising oil prices on the international market and the depreciation of the Pakistani Rupee against the US Dollar are responsible for the price hike.
The price of high-speed diesel has increased by Rs. 35 per litre alongside the price of regular diesel.
Also seeing an increase of Rs. 18 per litre are the costs of light diesel oil (LDO) and kerosene oil.
The new prices for gasoline and high-speed diesel (HSD) are Rs. 249.80 and Rs. 262.80 per litre, respectively.
Light diesel oil will now cost Rs. 187 per litre, while kerosene oil will set you back Rs. 189.83.