In a late-night attempt, the PMLN-led federal government dropped the petrol bomb on the common man by jacking up prices.
This is the third such raise in less than a month. The latest round of hikes would see gasoline price increase by Rs24.03 and soar to Rs233.89, and diesel will be sold at Rs263.31 — up by Rs16.31.
Meanwhile, kerosene oil’s new price will be Rs211.47 following an Rs29.49 surge and light diesel price will be Rs 207.47 after an increase of Rs29.16.
He said the government was spending Rs120 billion on oil subsidies. “I have been seeing the country’s situation for 30 years, but I’ve never seen such a situation in terms of inflation.”
The government has raised the petrol price by more than Rs84 per litre in the last 20 days.
Explaining the reasons behind another hike in petrol prices, the finance minister said that the global price of oil was $120 per litre.
“Our country is still facing a loss of Rs24.03 in petrol, Rs59.16 in diesel, Rs29.49 in kerosene oil and Rs29.16 in light diesel oil,” he told the journalists.