State Minister for Petroleum, Dr. Musadik Malik, has warned of another increase in petrol price in Pakistan after the recent depreciation of PKR against the USD. Yesterday, the Pakistani rupee dropped by Rs. 18 in a single day, reaching Rs. 285 per USD. Talking to a news channel, the minister said that the rupee’s dismal performance might lead to a jump in fuel prices in the coming days.
Sharing the reasons, Malik said that political instability is the main reason for the sudden increase in the price of the US dollar. “It is difficult to run the country in such an uncertain time,” he added.
The minister also stated that the government is in talks with Russia to buy cheap petrol and gas” “The talks with Moscow are progressing”,” he said.
Decrease in Petrol Price
During the last fortnight’s review, Finance Minister Ishaq Dar announced a reduction of Rs. 5 in petrol price; now it costs Rs. 267 instead of Rs. 272. We know it’s not a huge price difference and will not make any difference in inflation, but it is still something.
The diesel price remained the same as before: Rs. 280. Meanwhile, the light diesel oil’s price was reduced by Rs. 12 per liter, making it Rs. 184.68, and after a reduction of Rs. 15 per liter, the new rate of kerosene oil is Rs. 187.83.
Current Fuel Prices
Petrol Rs. 267
High-Speed Diesel (HSD) Rs. 280
Light-Diesel Oil (LDO) Rs. 184.68
Kerosene Oil Rs. 187.73
A delay in the government’s deal with International Monetary Fund (IMF) is causing uncertainty in the market, resulting in the downfall of the rupee. Finance Minister Ishaq Dar yesterday told the media that a deal would be finalized with IMF next week, which has caused some surety in the market.
However, we would have to wait for the next week for the confirmation of the agreement. If this doesn’t happen, the situation will get worse.
Do you think that the petrol price will go up again? Please share your thoughts in the comments section.
