For the first time in the history of Pakistan, a litre of fuel, whether petrol or diesel, will cost more than Rs300 as the government increased prices of petroleum products by up to 6.28 percent.
A notification in this regard was issued by the Ministry of Finance late on Thursday, just minutes before midnight. The newly notified prices will remain in effect for the next fortnight.
The substantial increase in prices of petroleum products is likely to add to the miseries of the common man who is already reeling from the impacts of the previous hike and skyrocketing inflation.
According to the notification, the price of a litre of petrol was increased by 5.13 percent or Rs14.91. As a result, the price of a litre of petrol raised to Rs290.45 on August 15, was increased past the psychological barrier of Rs300 to Rs305.36. This is the highest-ever price of the essential commodity in the country's history.
Similarly, the government increased the price of High-Speed Diesel (HSD), which is used by cargo transport vehicles.
Its price was increased by 6.28 percent, or by Rs18.44, from Rs293.40 to Rs311.84.
Under an agreement with the International Monetary Fund (IMF), the government has to keep the price of fuel at par with the price of a single US dollar. Earlier on Thursday, the rupee lost further ground against the US dollar and closed the interbank trading day at Rs305.5.