ANI
16 Mar 2023, 14:03 GMT+10
Islamabad [Pakistan], March 16 (ANI): With only a few days left for Ramzan, the Pakistan government has raised the price of petrol to Pakistani Rupee (PKR) 272 per litre, adding pressure on the inflation-weary people, Geo News reported.
The Finance Division, in its fortnight bulletin, attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore, according to Pakistan-based Geo News.
Platts Singapore is a pricing basis for many refined products in southeast Asia.
"Accordingly the price of petrol has increased by PKR 5 per litre and the price of hi-speed diesel has increased by PKR 13 per litre," the notification read.
The increase in the price of kerosene oil has been kept at PKR 2.56 by reducing the government's dues on it. Similarly, the price of light diesel oil has been kept constant by adjusting the government dues as well.
The new prices came into effect at 12 am on Thursday and will remain in place till March 31.
The Pakistan government on February 28 decreased the price of petrol by PKR 5 per litre to PKR 267 per litre for the next fortnight which was a bit opposed to the market prediction as it expected that the government would hike the rate to appease the International Monetary Fund (IMF), whose loan is critical for the cash-strapped nation.
However, while people struggle to make ends meet the petrol price hike is expected to further push inflation -- which is already near a 50-year high -- in the upcoming month of Ramzan. (ANI)
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationHONG KONG: This week, Ronson Chan, chairman of the Hong Kong Journalists Association, was sentenced to five days jail for ...
WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...
As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...
OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...
BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...
OTTAWA, Canada: As part of its plan to capitalize on strong travel demand and deploy fuel-efficient airplanes, this week, Air ...
LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...
NEW YORK, New York - U.S. stocks remained on a slippery slope on Wednesday as interest rates continued to hover ...
SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...
YOKOHAMA, Japan: Joining a growing number of carmakers that are shifting to electric vehicles (EV) by the end of the ...
NEW YORK, New York - There was a major bust on Wall Street on Tuesday as investors continued to fret ...