ISLAMABAD -UNS: Over Rs35 increase in the prices of petrol and diesel.Finance Minister Ishaq Dar on Sunday morning announced price hike, which will be applicable from 11am today.
Dar said that speculation was rife on social media regarding an Rs.50 increase in the prices of petrol and diesel. “Because of this, we have received reports of artificial shortages in the market.”
“As you saw, the Pakistani rupee saw devaluation last week […] and then we are seeing an 11 per cent increase in the prices of petrol products in the international market,” he said.
The minister recalled that in the last four months, from October to Jan 29, the price of petrol was not increased. In fact, he went on, the prices of diesel and kerosene oil were decreased.
“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.
“We have decided to increase the price of petrol and diesel by Rs35. the price of Kerosene oil and light diesel oil has been increased by Rs18,” Dar said.
Rumours of a massive hike in petrol prices resulted in long queues at petrol pumps in many parts of the country on Saturday.
According to reports being shared on social media, the prices of petrol and diesel are expected to go up by anywhere between Rs45 to Rs80 on Feb 1.
