Pakistan: Fuel prices hiked for fifth time in month; petrol now costs PKR 248.74 per litre

In another major hike, the fuel prices have again increased in Pakistan by a huge margin that too for the fourth time within a month, reported ANI citing local media reports. While petrol prices have been hiked by PKR (Pakistani rupee) to 14.84 per litre, the price of high-speed diesel has also increased by PKR 13.23 per litre. 

With these latest changes, the prices have been fixed at PKR 248.74 per litre for petrol and PKR 276.54 per litre for diesel, the Pakistan Finance Ministry announced.

On the other hand, kerosene and light-speed diesel prices have also increased in the announcement. While kerosene price has been hiked by PKR 18.83, the rate of light-speed diesel has been jacked up by Rs 18.68 per litre, the notification added. 

Notably, the new prices will come into effect from 12 am on July 1.

Earlier, on June 15, the government had increased petrol prices by PKR 24 per litre. Since May 26, prices of high-speed diesel (HSD), petrol, kerosene, and light diesel oil (LDO) have gone up by a massive 83pc, 56pc, 73pc, and 68.4pc respectively, reported Dawn news. 

Finance Minister blames the Imran Khan-led former government for Pakistan's economic crisis

This came after Pakistan Finance Minister Miftah Ismail on Thursday while addressing a press conference in Islamabad stated that the government was not in a position to bear more subsidies anymore, therefore necessitating the hikes. He further also criticised the former government's policies and said that they “deteriorated the country’s economy”.

Adding more to it, he also asserted that the incumbent government is facing the brunt of the former government's doings and due to this Pakistan is presently bearing a loss of PKR 24.3 on petrol, PKR 59.16 diesel, Rs 39.49 kerosene oil, and Rs 39.16 on light diesel oil. 

Image: ANI