In a move that has sent shockwaves to the nation, the caretaker government pushed through another hike in the prices of petrol by Rs26.02 per litre and high-speed diesel (HSD) by Rs17.34 per litre. It added that the decision was taken owing to the increasing trend of petroleum prices in the international market. The price increase comes on the heels of an already massive hike on Sept 1, when the interim government raised fuel prices by up to Rs18 per litre. That jump in petroleum prices had come after similar hikes by the interim government on Aug 15. The price hike is based on existing tax rates and import parity prices, mainly because of currency fluctuation and a slight increase in international crude prices.

Source: The Nation September 16, 2023 05:03 UTC