Pakistan govt announces increase in petrol and diesel prices

Islamabad: In Pakistan, the federal government has announced an increase in prices of petrol and diesel by 35 rupees on Sunday. The Kerosene oil and light diesel oil prices also hiked by 18 rupees per litre. Following Sunday's hike, petrol has reached 249.80 rupees per litre, while diesel prices have been raised to 262.80 rupees per litre, kerosene oil to 189.83 rupees per litre and light diesel oil to 187 rupees per litre.

Pakistan's Finance Minister Ishaq Dar said that the hike was



recommended by Oil and Gas authorities due to the higher cost of buying energy in the global market. The decision has come days before an International Monetary Fund mission is to visit Pakistan to discuss the stalled ninth review of the country's current funding programme.

Last week, the Pakistani rupee lost close to 12 per cent of its value after the removal of price caps that were imposed by the government, however, it was opposed by the IMF.