Pakistan Hikes Petrol and Diesel Prices Amid Economic Crisis; Check Latest Rates

Ishaq Dar expressed hope that the announcement of new prices will dispel rumours about the shortage of petrol supplies.

ISLAMABAD: Pakistan government has announced an increase in petrol and diesel prices by Pakistan rupees (PKR) 35 per litre. Pakistan Finance Minister Ishaq Dar made the announcement regarding the increase in fuel prices and it has come into effect from 11 am on January 29, Dawn reported. 

Ishaq Dar made the announcement in a televised address on Sunday. He said that the price of kerosene oil and light diesel oil were increased by PKR 18 per litre. Pakistan Finance Ministry in a tweet said that the new price of petrol is PKR 249.80 per litre and diesel is PKR 262.80 per litre. "We have decided to increase the price of petrol and diesel by Rs 35. The price of kerosene oil and light diesel oil has been increased by Rs18," Dar said, adding that the new prices would come into effect at 11 am today.

Pakistan Finance Ministry tweeted, "Govt announced new prices of Petroleum Products with effect from 11.00 hrs, 29 Jan, 2023. High Speed Diesel-Rs 262.80 per litre MS Petrol --Rs 249.80 per litre Kerosene Oil -Rs 189.83 per litre Light Diesel Oil - Rs 187 per litre." Pakistan Finance Minister Ishaq Dar stressed that the government has decided to increase the minimum price of these four products according to the instruction given by Pakistan Prime Minister Shehbaz Sharif, according to Dawn. 

Ishaq Dar said that the Pakistani rupee witnessed devaluation last week and they are witnessing an 11 per cent rise in the price of petroleum products in the international market. He said that the price of petrol was not increased since October. "The Pakistani rupee saw devaluation last week [...] and now we are seeing an 11 per cent increase in the prices of petroleum products in the international market," Dawn quoted Ishaq Dar as saying.

"Despite international prices and rupee devaluation, on directions of Prime Minister Shehbaz Sharif, we have decided to increase the minimum price of these four products," he added.

Ishaq Dar expressed hope that the announcement of new prices will dispel rumours about the shortage of petrol supplies, as per the news report. He said that there were speculations on social media that the price of petrol and diesel will be increased by Rs 50. Dar said, "Because of this, we have received reports of artificial shortages in the market." Ahead of Dar's announcement, rumours of a massive increase in petrol prices led to long queues at petrol pumps in many parts of Pakistan. 

Reports posted on social media had said that the price of petrol and diesel were expected to increase between Rs 45 to Rs 80 on February 1. "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," Dawn quoted Hassan, who queued at a petrol pump. 

Petrol was available at only 20 per cent of the petrol pumps in Gujranwala. The shortages of fuel were reported in Rahim Yar Khan, Bahawalpur, Sialkot and Faisalabad regions of Pakistan, Dawn cited Geo News report.