ISLAMABAD: On Friday night, the caretaker government implemented price hikes for petrol and high-speed diesel (HSD), raising them by Rs26.02 and Rs17.34 per liter, respectively. This pushed these fuel prices to over Rs330 per liter, a historic milestone for the country.
Previously, there had already been substantial increases of Rs32.41 and Rs38.49 per liter for petrol and HSD in the previous two fortnights since August 15. Consequently, the cumulative surge over the past month amounted to Rs58.43 per liter for petrol and Rs55.83 per liter for HSD.
These petroleum price hikes followed a noteworthy 27.4% rise in inflation rates in August. This can have a lingering impact on overall prices in the country in the days and weeks to come.
Notably, both petrol and diesel prices have surged by 20% since the caretaker government assumed office.
The Ministry of Finance announced these price increases after receiving approval from caretaker Prime Minister Anwaarul Haq Kakar. They attributed the adjustments to the rising international petroleum prices.
Under this decision, the ex-depot price for HSD rose to Rs329.18 per liter from its previous Rs311.84, constituting a 5.6% increase of Rs17.34. However, the retail price at pumps is expected to surpass Rs330 per liter. Heavy transport vehicles, trains, and agricultural engines predominantly utilize HSD, making it a significant contributor to the prices of essential commodities such as vegetables and food items.
Similarly, the government adjusted the ex-depot price for petrol to Rs331.38 per liter from its previous Rs305.36 for the next fortnight, reflecting an 8.5% increase of Rs26.02. Private transport, small vehicles, rickshaws, and motorcycles mainly use this fuel type.
