Home World News Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

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Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

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Islamabad: In a serious blow to the frequent man who’s already reeling underneath the excessive inflation, Petrol and diesel prices in Pakistan have jumped as much as Rs 249.80 per litre and Rs 262.80 from Sunday after the federal government introduced a steep value hike of Rs 35.

In a media briefing, Finance Minister Ishaq Dar introduced an Rs35 enhance in the prices of petrol and diesel, which shall be relevant from 11 am on Sunday.

“We have received reports of artificial shortages in the market because of rumour spread regarding Rs50 increase in the prices of petrol and diesel. 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,” he stated.

Dar additional stated that the value of petrol was not elevated in the final 4 months however contemplating worldwide prices and rupee devaluation, the federal government determined to extend the minimal value of patroleum merchandise.

“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 on the directions of Prime Minister Shehbaz Sharif,” he stated.

Ahead of the announcement, an extended queue at petrol pumps reported in many components of the nation on Saturday.

Various posts have been shared on social media say that the prices of petrol and diesel have been anticipated to go up by anyplace guess­ween Rs45 to Rs80 on Feb 1.

Meanwhile, petrol was obtainable at solely 20 per cent of the pum­ps in Gujranwala, whereas extreme shortages have been additionally repo­rted in Rah­im Yar Khan, Bahawalpur, Sialkot and Faisalabad, Geo News reported.

The transfer is alleged to be taken to implement the robust preconditions set by the International Monetary Fund (IMF) to revive the stalled $6 billion bailout bundle for the cash-strapped nation.

According to media stories, the nation wants about $3.16 billion to pay greenback bonds and loans this 12 months, $1.52 billion subsequent 12 months and $1.71 billion in 2024 to maintain its financial system afloat and avert a sovereign default.

With the charges of petroleum merchandise revised on Sunday, the gasoline prices as of Jan 29, 11 am shall be:

Petrol: Rs249.80 per litre

High-speed diesel: Rs262.80 per litre

Kerosene oil: Rs 189.83 per litre

Light diesel oil: Rs187 per litre

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