Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis

Pakistan Petrol-Diesel Price Hike: Cash-strapped Pakistan's government has raised prices of petrol and diesel by Rs 35 per litre each on Sunday, January 29.

This is another jolt to the country's inflation-stricken people after Pakistan's currency depreciated to its lowest against the US dollar in the interbank and open market.

Pakistan's Finance Minister Ishaq Dar made the announcement in a televised address on Sunday morning, according to PTI. The new rates have come into effect from 11 am on January 29.

"We have decided to increase the price of petrol and diesel by Rs 35 each. The price of kerosene oil and light diesel oil has been increased by Rs 18 each," said PTI citing FM Dar, adding that the new prices would come into effect at 11 am on Sunday.

Kerosene Price Hike
While making the announcement, Ishaq Dar said the price of kerosene oil and light diesel oil has also been increased by 18 Pakistani rupees per liter.

Pakistan's Finance Ministry said in a tweet that the new price of petrol is PKR 249.80 per liter and the new price of diesel is PKR 262.80 per liter.

Also Read: Bankruptcy looming? Clock ticking on Pakistan to serve massive debt and avert major financial crisis

Petrol-Diesel New Prices
Pakistan's Finance Ministry tweeted, the government "announced new prices of Petroleum Products with effect from 11.00 hrs, 29 Jan ,2023."
High Speed Diesel - Rs 262.80 per litre

MS Petrol — Rs 249.80 per litre

Kerosene Oil - Rs 189.83 per litre

Light Diesel Oil - Rs 187 per litre

Govt announced new prices of Petroleum Products with effect from 11.00 hrs, 29 Jan ,2023.

High Speed Diesel-Rs 262.80 per litre

MS Petrol —Rs 249.80 per litre

Kerosene Oil -Rs 189.83 per litre

Light Diesel Oil - Rs 187 per litre

— Ministry of Finance (@FinMinistryPak) January 29, 2023

Oil prices increased by 11%
Pakistan's Finance Minister Ishaq Dar asserted that the government has decided to increase the minimum price of these four products as per the instructions given by Pakistan's Prime Minister Shehbaz Sharif, PTI report said quoting Dawn – a Pakistan’s media house.

Pakistan is facing the worst economic crisis as its reserves have dropped to a critical level of USD 3.7 billion and need urgent support to avoid default.

The IMF is the only forum that can save the country, said PTI. But many people wonder about the future of the country without any long-term planning in sight to tackle similar economic situations.