Petrol again increases to Rs272 per litre as govt hikes fuel prices in mid-night surprise

ISLAMABAD – The federal government on Thursday increased prices of petroleum products by up to Rs13.00 per litre in wake of a price hike in international markets.

Ministry of Finance notified the increase in petrol price by Rs5 per litre and diesel by Rs13 per litre.

In a notification, it said “In the last fortnight, Platts Singapore prices registered an increase. This along with a depreciation of Pak Rupee has resulted in an increase of POL products in Pakistan. Accordingly, the price of MS(Petrol) has increased by Rs.5/litre and price of HSD has increased by Rs. 13/litre.”

It further mentioned the increase in the price of Kerosene oil has been kept at Rs 2.56 by reducing government dues on it. Similarly, the price of Light Diesel Oil has been kept constant by adjusting the dues as well.

The new prices will be effective from 16th March 2023.

Last month, the country’s finance czar Ishaq Dar announced a reduction in the price of petrol by Rs5 per litre while keeping the price of High-Speed Diesel unchanged at Rs280 per litre.

In recent times, it was reported that country’s oil reserves are running low. The government refuted the speculations but commuters faced issues, particularly in Punjab.