Caretaker govt hikes petrol price by another Rs14.91, takes it to Rs305.36 per litre

The caretaker government on Thursday announced another hike in petrol and diesel prices, taking them to Rs305.36 and Rs311.84 per litre, respectively.

The petrol price has been increased by Rs14.91 per litre, and high-speed diesel (HSD) by Rs18.44 per litre.

“Owing to the increasing trend of petroleum prices in the international market and exchange rate variations, the government has decided to revise the consumer prices of petroleum products,” the Finance Division said in a press release.

The new prices take effect from September 1, 2023.

The development comes at a time when the country’s citizens, reeling under high inflation, are also facing high electricity bills.

This is the third successive increase in prices of petroleum products.

Earlier, Business Recorder reported that there might be a significant rise of up to Rs20 per litre in the cost of petrol and high-speed diesel (HSD) due to the rupee losing its value against the US dollar and a slight change in oil prices internationally.

Earlier in August, a day after taking charge, Caretaker Prime Minister Anwaar-ul-Haq Kakar had approved an Rs17.50 hike in petrol price and Rs20 in the price of high-speed diesel (HSD).

Before this, the then-coalition government increased petrol and HSD prices by nearly Rs20 with effect from August 1, 2023.

The latest increase means the price of petrol has increased nearly 21% or Rs52.36 since the start of August.