The caretaker government announced another massive hike in petrol and diesel prices, taking them to Rs331.38 and Rs329.18 per litre, respectively.
The price of petrol has been increased by Rs26.02 per litre, and high-speed diesel (HSD) by Rs17.34 per litre. The new prices take effect from September 16, 2023.
This is the fourth successive increase in prices of petroleum products.
Business Recorder had reported earlier that the government could raise the ex-depot prices of petroleum products by up to Rs10 per litre. However, this increase is higher than expectations, and substantially raises inflationary outlook that only on Thursday was given a different picture by the State Bank of Pakistan (SBP) when it kept the key policy rate on hold at 22%.
On August 31, the caretaker government increased petrol and HSD prices by Rs17.50 and Rs20, respectively, with effect from September 1, 2023.
Before that, a day after taking charge, Caretaker Prime Minister Anwaar-ul-Haq Kakar had approved a Rs17.50 hike in petrol price and Rs20 in the price of high-speed diesel.
Read the full story at the Business Recorder - Latest News website.
