Staggering Rs26 increase in petrol price leaves masses high and dry

Business

The prices of petrol and high speed diesel have hit a record high in Pakistan on Friday.

16 September,2023 01:12 pm

ISLAMABAD (Dunya News) - The prices of petrol and high speed diesel have hit a record high in Pakistan on Friday. The caretaker federal government has increased the price of petrol by Rs 26.02 per litre and high speed diesel by Rs 17.34 per litre, Dunya News reported.

The new petrol price will be Rs 331.38 per litre from today (Saturday) after an increase of Rs 26.02 per litre while the new price of high speed diesel will be Rs 329.18 per litre after an increase of Rs17.34 per litre.

The move comes a day after the central bank unexpectedly kept its benchmark interest rate at 22%, saying inflation was likely to rise "significantly" in September before slowing in October and maintaining a downward trajectory thereafter.

Consumer prices in the country of 241 million people rose 27.4% in August.

Battling rising inflation and dwindling foreign exchange reserves, the crisis-hit country is trying to navigate a path to economic stability after agreeing on a $3 billion IMF loan in July.

The finance division said prices of petrol and high speed diesel were raised because petroleum prices in the international market had increased during the last fortnight.