Finance Minister Ishak Dar on Sunday morning announced an increase of 35 rupees in prices of petrol and diesel, in televised address just minutes before new prices included in force.
In an address that began at 10:50 a.m., Dar introduced price revision included in effect at 11:00 – in 10 minutes.
He said that speculation was common on social media about an increase of 50 rubles. in prices of gasoline and diesel. “As of it, we got reports of artificial scarcity in in market”.
fuel prices as of 11:00, January 29:
- Gasoline: Rs 249.80 per litre.
- Tall-speed diesel: 262.80 rupees per liter
- Kerosene oil: Rs 189.83 per litre.
- Light diesel fuel: 187 rupees per litre.
Pakistani rupee has experienced devaluation last a week […] and now we see an 11 percent increase in prices of petroleum products in in international market,” he said.
minister reminded that in in last four months, from October to January 29, price of gasoline has not increased. The fact is gone on the price of diesel fuel and kerosene have been reduced.
“Despite international prices and devaluation of the rupee, on directions of Prime Minister Shehbaz Sharif, we have decided to increase the minimum price of these four products.
“We decided to increase price of gasoline and diesel for 35 rubles. price of kerosene oil and light diesel has been increased by Rs 18,” Dar said, adding that new prices will be included in effect today at 11 am.
minister further hoped that announcement of new prices will dispel rumors that gasoline supplies are running low.
Commenting on in development Fahad Raud, head of shares of Ismail Iqbal Securities, said gasoline price the hike wasin line with expectations.”
“This is only a partial increase as it does not include the recent exchange rate depreciation. Further increase in mid-February,” he tweeted.
Long queues at gas stations across the country
upcoming of Gift announcement, on Saturday Rumors of mass campaign in gasoline prices as a result in long queues at gas stations in many parts of country.
General reports on social media said the prices of petrol and diesel were expected to go out up somewhere between Rs45 to Rs80 on Feb 1
“We have seen the report on Social media that oil prices will fall up due to surge in in dollar cost of oil and international oil rates”, Hassan, who stood in line at the gas station, said Dawn.
At the same time, gasoline was available only 20 percent of pumps in Gujranwala, while there was a severe shortage also informed in Rahim Yar Khan, Bahawalpur, Sialkot and Faisalabad, Geo News reported.