ISLAMABAD – The caretaker government raised petrol and diesel prices by over Rs14 on Thursday amid the nation’s struggle with high electricity bills.
The Finance Division announced that prices had increased due to rising petroleum prices in the international market and fluctuations in exchange rates.
The local currency reached an all-time low due to a surge in demand for the US dollar and increased risks in financing the country’s current account deficit after the easing of import restrictions.
In the interbank market, the rupee has decreased by more than Rs15 since the establishment of the caretaker government. This government is responsible for conducting at least one review of the International Monetary Fund’s $3 billion standby arrangement and guiding the country towards the national election, which is expected to take place by November.
The government increased the price of petrol by Rs19.95/litre and high-speed diesel by Rs19.90/litre on August 1, 2023. On August 16, 2023, the price of petrol was increased by Rs17.50/litre, and high-speed diesel saw an increase of Rs20/litre.
