ISLAMABAD: The caretaker government has increased prices of petroleum products by up to Rs20 per litre for the next fortnight amid a rise in global oil rates — the highest in the country's history.

ISLAMABAD: The caretaker government has increased prices of petroleum products by up to Rs20 per litre for the next fortnight amid a rise in global oil rates — the highest in the country's history.

“PETROLEUM PRICES IN THE INTERNATIONAL MARKET HAVE INCREASED DURING THE LAST FORTNIGHT. AS A RESULT THE CONSUMER PRICES IN PAKISTAN ARE ALSO BEING REVISED,” THE FINANCE DIVISION SAID IN A STATEMENT LATE TUESDAY. 

THE PETROL HAS BEEN INCREASED BY RS17.50 PER LITER WHILE HIGH SPEED DIESEL (HSD) HIKED BY RS20 PER LITER. 

THE NEW FUEL PRICES ARE EFFECTIVE FROM AUGUST 16.

Item

Existing cost w.e.f Aug 1

New cost w.e.f Aug 16

Change

Petroleum

272.95

290.45

+17.50

Diesel

273.40

293.40

+20

Prior on August 1, the previous Pakistan Vote based Development (PDM)- drove government had declared a gigantic Rs19 per liter expansion in the cost of petroleum and diesel, which it said was finished in the midst of rising worldwide oil costs

THE DECLARATION WAS EXPECTED ON JULY 31, YET THE PUBLIC AUTHORITY DIDN'T GIVE NEW RATES AS THE AUTHORITIES ATTEMPTED TO KEEP UP WITH OR DIMINISH THE RATES — KEEPING IN VIEW THE EFFECT OF THE COST CLIMB ON EXPANSION FATIGUED INDIVIDUALS.

Ishaq Dar, who made the declaration as the money serve once and for all as his administration's disintegrated on August 12, said the increment was unavoidable as Pakistan had concurred with the IMF on slapping oil advancement demand (PDL) to the rates.

The most recent fuel cost climb is probably going to set off a new rush of expansion in August.

Expansion hit a record 38% in May yet the State Bank of Pakistan (SBP) chose to keep the key loan fee unaltered at 22% in the midst of ostensible decrease in expansion last month.

The Financial Strategy Board of trustees (MPC) especially noticed that year-on-year expansion is probably going to stay on a descending way over the course of the following a year, which infers a huge degree of positive genuine loan fee.

Long periods of monetary botch have stretched Pakistan's economy to the edge, exacerbated by the Coronavirus pandemic, a worldwide energy emergency and record floods that lowered 33% of the nation last year.

Yet, Islamabad struck a $3 billion reserve manage the Global Financial Asset (IMF) last month that could give brief help to the nation's expanding unfamiliar obligation.

The arrangement powers the public authority to scrap a scope of endowments that assist the poor however the fuel with estimating climb is to a great extent in accordance with an ascent in oil worldwide.