Fuel prices reach historic high in Pak

Islamabad: Pakistan’s caretaker government has announced yet another hike in the prices of petrol and diesel, taking them to a historic high over Rs 330 per litre amidst double-digit inflation in the cash-strapped country.

The Ministry of Finance on Friday night announced the price hike of petrol by Rs 26.02 and diesel by Rs 17.34 per litre following clearance from caretaker Prime Minister Anwaarul Haq Kakar.

After the hike, petrol and high-speed diesel (HSD) are costing over Rs 330 at the filling stations, “a psychological barrier that has been crossed for the first time in the country’s history,” the Dawn newspaper wrote.

The fuel price hike comes on the heels of over 27.4 per cent increase in the rate of inflation in August, putting an unbearable burden on the masses, as petrol and high-speed diesel are used by all private and public service

vehicles.

“Owing to the increasing trend of petroleum prices in the international market, the government has decided to revise the existing consumer prices of petroleum products,” the ministry said.