Pakistan government on Thursday announced a hike of Rs137 per litre in the prices of petrol in line with increasing international oil prices.
With the increase of Rs137, the petrol price jumped to Rs458.40 per litre, with effect from midnight. Meanwhile, the diesel price soared to Rs520.35 per litre.
The announcement was made in a press conference by Petroleum Minister Ali Pervaiz Malik alongside Finance Minister Mohammad Aurangzeb.
For the past two weeks, Prime Minister Shehbaz Sharif had rejected summaries to increase petrol prices.
Addressing the nation last Friday, the premier said he had turned down a proposal to raise the petrol price by Rs95 per litre and the diesel price by Rs203 per litre.
“This week, I was again presented with a proposal to raise petrol prices by Rs95 per litre and high-speed diesel by Rs203 per litre. I have rejected this summary,” he had said.
He said the government would not pass the burden to the public and would instead bear the additional cost of around Rs56 billion itself.
This marks the second price revision in prices of petroleum products in less than a month.
On March 6, the government announced a hike of Rs55 per litre in the prices of petrol and diesel in line with increasing international oil prices after the US and Israel attacked Iran and Tehran retaliated with attacks on Israel as well as US bases in the region. Iran also announced to close the crucial Strait of Hormuz, a waterway between the Persian Gulf and the Gulf of Oman.
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