The price of petrol in Pakistan has recently been increased by Rs17.50 per litre to reach Rs290.45, while the cost of high-speed diesel has also been raised to Rs293.40.
This increase comes after the federal government raised the price of petrol by Rs19.95 per litre on August 1. Former finance minister, Ishaq Dar, announced these new prices during a press conference.
According to Dar, the hike in fuel prices was necessary to fulfill the commitments made with the International Monetary Fund (IMF) regarding the imposition of the petroleum development levy (PDL).
It was previously reported that the government of Pakistan would likely burden its citizens with additional costs by increasing the petroleum levy in order to meet the terms set by the IMF.
As a result of this increase, the initial electricity tariff is expected to rise by Rs3 to Rs5 per unit, and gas prices will also become more expensive for the people of Pakistan.
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