Daily Times

The caretaker government has increased prices of petroleum products by up to Rs 20 per litre for the next fortnight amid a rise in global oil rates.

“Petroleum prices in the international market have increased during the last fortnight. As a result the consumer prices in Pakistan are also being revised,” the Finance Division said in a statement late Tuesday. The petrol has been increased by Rs17.50 per litre while high speed diesel (HSD) hiked by Rs20 per litre. The new fuel prices are effective from August 16.

The new prices were notified by the Finance Division, which said petroleum prices in the international market had increased during the last fortnight. As a result, the consumer prices in Pakistan were also being revised, it added.

This is the first price revision of petroleum products after Anwaarul Haq Kakar took the reins of the government as the caretaker prime minister a day ago. Pakistan has committed to a petroleum levy of up to Rs50 a litre under an agreement with the International Monetary Fund (IMF) for a bailout package.

Last month, the global lender’s executive board had green-lit a $3 billion nine-month standby arrangement for Pakistan in order “to support the authorities’ economic stabilisation programme”.

The board had approved the bailout package for the country for an amount of $2.25bn Special Drawing Rights (SDRs) – reserve funds that the institution credits to the accounts of its member nations – the IMF had said in a statement, adding that this amounted to about $3bn, or 111pc of Pakistan’s quota.