Masses on edge as petrol, diesel prices surpass 300 mark for first time

Business

Fuming power consumers now face another inflation bomb

01 September,2023 07:45 pm

ISLAMABAD (Dunya News) - Further tightening the noose around the poverty-stricken masses, the caretaker government on Friday jacked up the prices of petrol and diesel by more than Rs14 per litre.

According to the new prices, the price of petrol had been increased by Rs14.91 per litre with new price of Rs305.36 per litre, while the diesel price had been lifted by Rs18.44 per litre. Diesel will be available in Rs311.84 per litre.

Fuming power consumers now face another inflation bomb pounded by the caretakers in a very short time of their rule.

Earlier, the caretaker government had increased the price of petrol by Rs17.50 per litre. The petrol price is now unprecedented in the history of the county, taking the inflation to an upward trajectory.

Sources told Dunya News that said the caretaker government has increased the development levy on petrol and diesel while fulfilling another condition of the International Monetary Fund (IMF).

Following the IMF condition, the government has enhanced the development levy on petrol to Rs60 per liter and Rs50 per liter on diesel.

With new fuel prices, the government will collect Rs869 billion from masses this year. Sources say the prices of petroleum products have been increased due to an increase in the petroleum levy.

The new prices announced by the government will remain in effect for next 15 days.