ISLAMABAD – The newly installed government has jacked up petrol prices byRs30 to a record Rs209.86 per litre a week after it announced an Rs30 hike.
Federal Finance Minister Miftah Ismail announced the development at a pressconference, saying the new prices will take effect from June 3, tomorrow.
With the second increase in the same week, the price of petrol stands atRs209.86, diesel at Rs204.15. The price of kerosene oil has been increasedto Rs181.94 per litre with a difference of Rs26.38 per litre.
The country’s finance chief revealed that the hard step was taken in wakeof soaring prices of petroleum products in the international market,revealing that the government was still bearing losses despite the massivesurge.
PML-N leader maintained that the government is aware that the decision willlead to more inflation, terming the move mandatory.
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The development comes hours after the National Electric Power RegulatoryAuthority (Nepra) approved a massive increase of Rs7.91 per unit in theelectricity tariffs.
A single unit of electrifying was increased from Rs16.91 to Rs24.82. Neprahas sent the hike to the federal government for notification.
