Caretaker government raises petrol and diesel prices by Rs 18 & Rs 20.
Due to which the price of petrol and diesel has increased to Rs 290.45 and Rs 293.40 per liter respectively.
The statement was made on Tuesday midnight, a fortnight after the previous administration under Shehbaz Sharif hiked the prices of both commodities by Rs 20.
The Finance Division announced the revised prices citing the rise in fuel prices in the global market over the past two weeks.
As a result, consumer prices in Pakistan are also being altered.
This is the first adjustment in the prices of petroleum products after Anwar ul Haq Kakar became caretaker prime minister a day ago.
According to a statement from the Finance Division, the new rates will be applicable from Wednesday, August 16.
As per the bailout package agreement with the International Monetary Fund (IMF), Pakistan has agreed to tax up to Rs 50 per liter on fuel.
The lender’s executive board last month approved a $3 billion, nine-month standby agreement for Pakistan to support the authorities’ economic stabilization program.
The IMF said in a statement that the board approved the country’s bailout package of $2.25 billion in Special Drawing Rights (SDRs), which the organization deposits into the accounts of its member countries. According to the IMF, this amounts to about $3 billion, or 111 percent of Pakistan’s quota.