ISLAMABAD: In a shocking move to the nation which is alreading reeling from the skyrocketing price hike, Finance Minister Ishaq Dar on Sunday morning announced a Rs35 per litre increase in the prices of petrol and diesel.

This he announced in a televised address to the nation. The move seems to be pleasing IMF for revival of much-needed loan programme stalled since September last. Mr Dar said that the prices of the petrol and diesel have been raised by Rs35 per litre each to Rs249.82 and Rs262.80 respectively. The price of kerosene oil has surged to Rs189.93 per litre with an increase of Rs18 while the light speed diesel’s new price has reached Rs187 per litre. The new oil prices have come in effect from 11.00 am, 29 Jan 2023 as per the government decision.

He said that the new petroleum prices will come into effect immediately. Dar said. Justifying the case, he said the price increase had been made in line with the 11% rise in oil prices in the international market. Dar defended the government as saying that the cost of petrol was not increased in the previous four months and instead it was decreased by roughly Rs20 for both petrol and diesel and by Rs29 and Rs30 for kerosene and light diesel.

Large queues of vehicles were seen at petrol pumps in Karachi, Lahore, Quetta and other cities of Pakistan from Saturday evening to Sunday morning amid talk of oil price hike. Since Saturday night when news of the increase in petrol prices circulated people have been lining up at the petrol pumps to replenish the tanks.

It is also pertinent to note that petroleum product prices are announced fortnightly, on 1st and 15th of every month, but government has increased prices today on 29th of the month. However, Dar said that OGRA had advised Prime Minister Shehbaz Sharif to implement the new rates on an immediate basis to prevent the temporary hoarding and the speculations about the shortage of oil shortage.