The federal government announced a massive increase in the price of petroleum products on Tuesday morning with immediate effect, in line with commitments made to the IMF.
The decision was announced by Finance Minister Ishaq Dar in a press conference. Under the revised prices, the price of petrol has been jacked up by Rs. 19.95 per liter and the price of hi-speed diesel has been increased by 19.90 per liter.
With the increase, the price of petrol will now be Rs. 272.95 per liter while the price of HSD will be Rs. 273.40 per liter.
The government was scheduled to announce new rates on July 31. However, they did not issue the rates as officials attempted to maintain or lower them, taking into consideration the impact of the price hike on people already burdened by inflation.