Pakistan govt raises petrol price to PKR 272 per litre

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.