ISLAMABAD - The caretaker government late Thursday announced a sharp increase in the price of petrol by Rs14.91 per litre and high-speed diesel (HSD) by Rs18.44 per litre.
The increase brings the price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre, the Ministry of Finance said in a post on X (formerly Twitter) after midnight. No revision was specified in the rates of kerosene or light diesel oil.
This latest price increase will shock people already hit hard by rising inflation and electricity costs. On August 15, the interim government raised fuel prices by up to Rs20 per litre. That jump in petroleum prices had come after similar hikes by the previous government on Aug 1. The price hike is based on existing tax rates and import parity prices, mainly because of currency depreciation and a slight inc¬rease in international oil prices. The rupee yet again continued to extend losses Thursday sliding another Rs1.09 against the US dollar in the interbank market. It closed at a record low of Rs305.54. Since the induction of the caretaker set-up, the rupee has shed 4.6pc. Through August, the rupee lost 6.2pc.