Finance Minister Ishaq Dar on Sunday announced that the federal government has decided to raise the prices of petrol and diesel by Rs35 per litre, which will be applicable from 11 am today.
Ishaq Dar stated during a televised address that the price of petrol products has increased by 11% on the international market.
Dar also announced an increase of Rs. 18 per litre in the price of light diesel and kerosene.
Fuel prices as of 11am, Jan 29:
- Petrol: Rs249.80 per litre
- High-speed diesel: Rs262.80 per litre
- Kerosene oil: Rs 189.83 per litre
The minister highlighted that the fuel price did not increase in the previous four months, from October to January 29. In fact, he continued, kerosene and diesel prices have dropped.
“On the orders of Prime Minister Shehbaz Sharif, we have decided to raise the minimum price of these four products despite rising international prices and the depreciating currency.
“We’ve agreed to raise the price of fuel and diesel by 35 rupees. Kerosene oil and light diesel oil prices have increased by Rs 18, according to Dar, who also noted that the new prices will take effect at 11 a.m. today.
The minister further hoped that the announcement of new prices would dispel rumours about petrol supplies running dry.
Long queues at petrol pumps across the country
Ahead of Dar’s announcement, on Saturday, rumours of a massive hike in petrol prices resulted in long queues at petrol pumps in many parts of the country.
According to reports posted on social media, the price of petrol and diesel was predicted to increase on February 1 by anywhere between Rs45 and Rs80.
“We saw a report on social media that oil prices will go up due to the surge in the dollar’s value and international petroleum rates,”
Meanwhile, only 20% of Gujranwala’s pumps had fuel, while significant shortages were reported in Rahim Yar Khan, Bahawalpur, Sialkot, and Faisalabad.