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Business News/ News / World/  Petrol prices in Pakistan reach all-time high: Key things to know
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Petrol prices in Pakistan reach all-time high: Key things to know

Prices were previously changed once every two weeks, from the first to the 16th of each month.

FILE PHOTO: Pakistan's Finance Minister Ishaq Dar is seen after a party meeting in Islamabad, Pakistan September 26, 2017. REUTERS/Faisal Mahmood/File Photo (REUTERS)Premium
FILE PHOTO: Pakistan's Finance Minister Ishaq Dar is seen after a party meeting in Islamabad, Pakistan September 26, 2017. REUTERS/Faisal Mahmood/File Photo (REUTERS)

Days after the country's currency fell to its lowest level against the US dollar in the interbank and open market, Pakistan's government raised the price of petrol and diesel by 35 per litre on January 29, shocking the nation's inflation-stricken citizens once more.

The revelation came during a televised speech by Finance Minister Ishaq Dar. Prices were previously changed once every two weeks, from the first to the 16th of each month. It was announced that the new prices would come into effect on January 29 at 11 am.

After the increase, the cost of petrol, high-speed diesel, kerosene oil, and light diesel oil was set at 249.80, 262.80, 189.83, and 187 per litre, respectively.

“We have decided to increase the price of petrol and diesel by 35 each. The price of kerosene oil and light diesel oil has been increased by 18 each," Dar said.

Also Read: Pakistan gets $2 billion from UAE, with $1-billion additional loan in pipeline

Dar claimed that social media was replete with rumours of a 50 increase in the cost of gasoline and diesel. “Because of this, we have received reports of artificial shortages in the market. The Pakistani rupee saw devaluation last week and now we are seeing an 11% increase in the prices of petroleum products in the international market," he said.

Imran Khan's administration placed Pakistan into a $6 billion International Monetary Fund (IMF) programme in 2019, and it was increased to $7 billion in 2022. The ninth assessment of the programme is still ongoing, and the government and IMF staff are negotiating the release of $1.18 billion.

From January 31 to February 9, an IMF team will be in Islamabad to consult with government representatives about the implementation of the criteria that are linked to the aid package.

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The IMF's "stringent" requirements to resuscitate the loan programme were ready to be swallowed by the ruling alliance, according to last week's comments from Prime Minister Shehbaz Sharif. He also stated that the alliance had made it plain to the IMF that it intended to finish the ninth review.

(With PTI inputs)

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Published: 30 Jan 2023, 09:02 AM IST
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