The government on Saturday increased the price of petrol by Rs10.49 per litre taking it to a record level of Rs137.79 per litre.
Prices of high-speed diesel (HSD), was increased by Rs12.44 and will now sell at Rs134.48.
The price of light-speed diesel was also increased by Rs8.84 and will now sell for Rs108.35 per litre, according to a notification by the Finance Division.
Kerosene oil price has touched Rs110.26 after an increase of Rs10.95.
It may be recalled that OGRA had proposed an increase in the price of petrol by Rs 5.90 per litre.
‘Fuel prices rising globally’
Speaking about the record increase in petroleum product prices, Finance Minister Shaukat Tarin claimed that fuel prices were on the rise globally, not just in Pakistan.
He said the government would announce targeted subsidies to provide relief to people and in addition to fuel, prices of other commodities were on the rise as well. He added that he had no idea what was causing this increase.
According to Shaukat Tarin, inflation will ease after the impact of the coronavirus pandemic lessens.
On Friday, Federal Energy Minister Hammad Azhar said the government would increase the power tariff by Rs1.39 per unit from November 1 because of the increasing circular debt of the country.