Petrol crosses Rs300 per litre

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.

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