The price of petrol and diesel will increase by Rs35 starting today, according to a statement made by Finance Minister Ishaq Dar on Sunday following the devaluation of the rupee against the dollar.
Dar also revealed that kerosene and light diesel oil prices have increased by Rs18 in a televised speech.
After the unofficial dollar ceiling was removed, the rupee’s value versus the dollar fell to an all-time low. This is when the increase occurred.
There was a lot of conjecture when the local currency lost value that the government would raise prices by more than Rs80.
People began racing to gas stations amid these rumours, despite warnings from the Oil & Gas Regulatory Authority (OGRA) to avoid disseminating false information.
|Increase/Decrease (in rupees)|
|Light diesel oil||Rs169||Rs187||+18|
Ishaq Dar, the finance minister, said on Sunday that the price of gasoline and diesel will increase by Rs35 as of today due to the depreciation of the rupee against the dollar.
Dar also declared that the price of kerosene oil and light diesel oil had raised by Rs18 in a televised speech.
The increase occurs after the rupee fell to an all-time low versus the dollar as a result of the elimination of the unofficial dollar ceiling.
There was a lot of talk that the government may raise prices by more than Rs80 once the local currency was devalued.
People began rushing to gas stations amid these rumours, and the Oil & Gas Regulatory Authority (OGRA) issued a warning to avoid disseminating false and misleading information.
The minister admitted in the address that the speculations had led to artificial shortages in the market.
“We will have to keep in view the 11% increase in petroleum prices in the international market,” he said.
Dar said that in the last four months, from October to January 29, the prices were not increased once. He added that in fact, petrol and diesel prices were decreased by Rs19 or Rs20 during this period.
He said that the kerosene oil and light diesel oil were decreased Rs29 and Rs30.
“Despite the rupee devaluation and the increase in international prices, it was determined that a minimum price would be increased on the directions of PM Shehbaz,” said Dar. He hoped that the immediate decision would dismiss the rumours about the shortage of petrol.