Pakistan hikes petrol, diesel prices by PKR 35 per litre

New Delhi : Pakistan on Sunday (January 29, 2023) hiked the prices for petrol and diesel by Rs PKR 35 per litre, taking the retail value to PKR 249.80 per litre and PKR 262.80 per litre respectively.

Finance Minister Ishaq Dar announced the hike and said that the nation will have to take the hit considering depreciating value of their currency and the recommendation from fuel agencies to increase the price.

In a televised address Ishaq Dar also announced that price of kerosene oil and light diesel oil will be increased by PKR 18 per litre.

"We have decided to increase the price of petrol and diesel by Rs 35. The price of kerosene oil and light diesel oil has been increased by Rs18," Dar said, adding that the new prices would come into effect at 11 am Sunday.

Pakistan Finance Ministry tweeted, "Govt announced new prices of Petroleum Products with effect from 11.00 hrs, 29 Jan, 2023. High Speed Diesel-Rs 262.80 per litre MS Petrol --Rs 249.80 per litre Kerosene Oil -Rs 189.83 per litre Light Diesel Oil - Rs 187 per litre."

The Pakistani rupee saw a devaluation of around 11% last week. And, also an increase in the price of petroleum products by 11% in the international market.

Meanwhile, the Finance minister has claimed that the hike in the prices will dispel the rumours of petroleum shortage in the nation.