Pakistan: Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

Islamabad: In a major blow to the common man who is already reeling under the high inflation, Petrol and diesel prices in Pakistan have jumped up to Rs 249.80 per litre and Rs 262.80 from Sunday after the government announced a steep price hike of Rs 35. In a media briefing, Finance Minister Ishaq Dar announced an Rs35 increase in the prices of petrol and diesel, which will be applicable from 11 am on Sunday. “We have received reports of artificial shortages in the market because of rumour spread regarding Rs50 increase in the prices of petrol and diesel. The Pakistani rupee saw devaluation last week and now we are seeing an 11 per cent increase in the prices of petroleum products in the international market,” he said. Dar further said that the price of petrol was not increased in the last four months but considering international prices and rupee devaluation, the government decided to increase the minimum price of patroleum products. “We have decided to increase the price of petrol and diesel by Rs35. The price of Kerosene oil and light diesel oil has been increased by Rs18 on the directions of Prime Minister Shehbaz Sharif,” he said. Ahead of the announcement, a long queue at petrol pumps reported in many parts of the country on Saturday. Various posts were shared on social media say that the prices of petrol and diesel were expected to go up by anywhere bet­ween Rs45 to Rs80 on Feb 1. Meanwhile, petrol was available at only 20 per cent of the pum­ps in Gujranwala, while severe shortages were also repo­rted in Rah­im Yar Khan, Bahawalpur, Sialkot and Faisalabad, Geo News reported. The move is said to be taken to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled $6 billion bailout package for the cash-strapped country. According to media reports, the country needs about $3.16 billion to pay dollar bonds and loans this year, $1.52 billion next year and $1.71 billion in 2024 to keep its economy afloat and avert a sovereign default. With the rates of petroleum products revised on Sunday, the fuel prices as of Jan 29, 11 am will be: Petrol: Rs249.80 per litre High-speed diesel: Rs262.80 per litre Kerosene oil: Rs 189.83 per litre Light diesel oil: Rs187 per litre Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.