A view of Motorists standing in a queue for filling petrol outside a petrol pump in Rawalpindi on January 1, 2023. — Online

ISLAMABAD: The Government of Pakistan on Wednesday jacked up the price of petrol by Rs5 per litre ahead of Ramadan — further burdening the inflation-weary people.

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.

“Accordingly the price of MS(Petrol) has increased by Rs5 per litre and the price of hi-speed diesel has increased by Rs13 per litre,” the notification read.

The increase in the price of Kerosene oil has been kept at Rs2.56 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 will come into effect from 12am (tonight, March 16) and remain in place till March 31.

Product Existing prices w.e.f
New prices
Petrol 267 272 +5
High-speed diesel 280 293 +13
Kerosene 187.73 190.29 +2.56
Light diesel oil 184.68 184.68 Nil

On February 28, the federal government decreased the price of petrol by Rs5 per litre to Rs267 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 for appeasing 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 Ramadan.