Petrol Prices Reach Historic High After Rs35 Increase - Capital TV

May 28, 2023


Petrol Prices Reach Historic High After Rs35 Increase

Anum Razzaque

ISLAMABAD:The PMLN-led PDM coalition government announced a hike of Rs 35 in petroleum products for the next two weeks.

The Ministry of Finance announced that the new prices will take effect on January 29th at 11:00 PM and remain unchanged for the next 15 days.

After a Rs 35 increase, the new price of petrol is Rs 249.80. Kerosene oil rose by Rs 18.07 to reach Rs 189.83, and the price of Light Speed Diesel (LDO) is now at Rs 189 per liter after a rise of Rs 8.

Meanwhile, the petrol price has reached a new record high, surpassing the previous peak of Rs248.74 per liter in the first two weeks of July 2022.

Readmore: Ogra Turns Down Rumors Of Petrol Shortage In Pakistan

Artificial Petrol Shortage

However, the hike of Rs35 per liter is also the largest single increase in the country’s history.

Federal Minister for Finance and Revenue, Muhammad Ishaq Dar, announced the new petroleum prices on Pakistan Television News.

He stated that rumors of an 80 Rupee per liter increase in petrol prices were circulating in social and other media, but they were not true.

However, he explained that these rumors created an artificial petrol shortage in the market and the announcement of petroleum prices, as instructed by OGRA, was necessary to address market concerns.

The minister attributed the need for these measures to the devaluation of the rupee and an 11% increase in international oil prices.

Follow more: Petroleum Prices Remain Unchanges Fortnight

The Minister stated that there is currently an abundance of petrol in the country, and the rumors are attempting to create an artificial shortage.

Mr. Ishaq Dar said that this government initiative will eliminate the false scarcity of petroleum.

He said that despite fluctuations in world oil prices, the government did not raise oil prices in the past 4 months.

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