islamabad, January 29
Cash-strapped Pakistan’s government on Sunday raised prices of petrol and diesel by Rs 35 each, giving another jolt to the country’s inflation-stricken people.
Finance Minister Ishaq Dar made the announcement on Sunday morning.
“We have decided to increase the price of petrol and diesel by Rs 35 each. The price of kerosene oil and light diesel oil has been increased by Rs 18 each,” Dar said, adding that the new prices would come into effect at 11 am on Sunday.
After the rise was announced, the price of petrol was set at Rs 249.80 per litre, high-speed diesel at Rs 262.80, kerosene oil at Rs 189.83, and light diesel oil at Rs 187 per litre.
Fahad Raud, head of equities at Ismail Iqbal Securities, commenting on the price hike said it was “in line with expectations” as he warned of more increase. “This is only a partial increase as it does not incorporate recent exchange rate depreciation. More increase to come in mid-February,” he tweeted.