ISLAMABAD – In a midnight move, the caretaker federal government announced a whooping increase the petrol and diesel prices for the first fortnight of September 2023.

The Finance Division in a press release explained the latest increase in petrol and diesel prices was due to the “increasing trend of petroleum prices in the international market and exchange rate variations”.

It announced Rs14.91 per litre increase in petrol price while the price of high-speed diesel (HSD) went up by Rs18.44 per litre.

Petrol, Diesel Per Litre Rates in Pakistan

After the massive hike, the price for one litre of petrol has surged to Rs305.36, and HSD to Rs311.84 in Pakistan.

Rupee Depreciation

A day earlier, the Pakistani rupee plummeted in value to more than 305 against the US dollar in interbank as people fear that basic commodities like food and fuel could get more expensive as consumers are already facing back-breaking inflation.

Data shared by State Bank suggest that local currency moved down by Rs1.09 in the 10th successive fall as the cumulative loss in the local unit reached around 5 percent in the last two weeks.

In the early hours, the rupee shows some resistance but continues to drop at noon and slides to 305.54 in the inter-bank market.