Fresh hike takes petrol, diesel beyond Rs300 per litre

Caretaker Prime Minister Anwaarul Haq Kakar’s government increased the prices of petrol and high-speed diesel (HSD) on Thursday by Rs14.91 and Rs18.44 per litre, respectively, to beyond Rs300, a psychological barrier that has been crossed for the first time in the country’s history. Besides, in a major policy decision, the government increased the petroleum levy on petrol by Rs5 per litre, from Rs55 to a maximum permissible limit of Rs60 per litre. The hike in fuel rates, attributed to the rupee’s depreciation and rising global oil prices, comes just a fortnight after Rs17.50 and Rs20 per litre increase in petrol and HSD prices. The combined increase works out at Rs31.41 and Rs38.44 per litre within a span of just 15 days. The Ministry of Finance announced the new prices late in the night following clearance from the caretaker prime minister. “Owing to the increasing trend of petroleum prices in the international market and exchange rate variations, the government has decided to revise the existing consumer prices of petroleum products,” it said.