Government announces 35-rupee hike in petrol prices – SUCH TV

Finance Minister Ishaq Dar on Sunday morning announced an Rs35 increase in the prices of petrol and diesel, which will be applicable from 11am today.

The new price of petrol will be Rs249.80. The new price of diesel will be Rs262.80.

The prices of kerosene and light diesel will increase by Rs18.

The increase comes after reports of petrol shortage in many parts of the country on Sunday morning. Prices normall go into effect at midnight after a few hours notice but the latest increase came into effect on midday with the minister’s announcement.

The increase is being related to IMF conditions, which have been imposed to resume a stalled bailout programme. An IMF team is expected to arrive in Islamabad for negotiations on January 31.

In a televised address, Dar said that speculation was rife on social media regarding an Rs50 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.

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.

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