Petrol price hiked by Rs4.13 per litre

ISLAMABAD: The outgoing caretaker government Thursday jacked up the price of petrol by Rs4.13 per litre, further impacting the already inflation-stricken masses, Geo News reported.

The new petrol price is Rs279.75 per litre, a notification from the Finance Division read, which will remain in place till March 15.

The Finance Division mentioned that the price of high-speed diesel has been kept unchanged at Rs287.33 per litre.

The prices of petroleum products are revised every 15 days in Pakistan adjusting them to the trend of global oil prices and the rupee’s exchange rate to the dollar. The Pakistani rupee has held steady recently.

This was the third consecutive hike by the interim set-up and will be the last by them as an elected prime minister is all set to take office by the end of this week, marking an end to the longest-serving caretaker government.

The latest hike was already predicted due to a hike in global oil prices amid a recovery in demand as the tensions in the Middle East persist. About 85 percent of Pakistan’s oil needs are imported, and the country has been struggling with a balance of payments problem and skyrocketing inflation, which was 28.3 percent in January.