Islamabad, August 31, 2023: Pakistan has made an announcement on Thursday regarding a substantial increase in petroleum prices, set to take effect from September 1, 2023. In its bi-weekly review, the government has adjusted the petrol rate to Rs 305.36 per liter and raised the diesel price to Rs 313.84 per liter.
This increase represents a significant hike, with petrol prices seeing an increase of Rs 14.91 per liter, and diesel prices rising by Rs 18.44 per liter.
The notable surge in prices comes in the wake of a considerable decline in the exchange rate, with the Pakistani rupee (PKR) witnessing a significant decrease over the past 10 days. On August 31, 2023, the rupee reached an all-time low, falling to PKR 305.54 against the US dollar.
The sharp increase in petroleum prices is likely to convey a negative message to the general public, who are already grappling with the burden of inflated prices for essential goods. Additionally, this surge in fuel prices is expected to impact electricity bills, further intensifying concerns among businesses and the general population.
A press statement from the finance ministry explained that the price hike is a response to the rising trend of petroleum prices in the international market and fluctuations in exchange rates.
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