Two days before the country’s planned announcement of fuel prices, the coalition administration increased the cost of gasoline and high-speed diesel (HSD) by a staggering Rs35 per liter in another contentious move.
The increase in fuel prices coincides with the rupee’s sharp fall versus the US currency. There were already speculations that the cost of petroleum goods would significantly rise. It has reported that the government compelled to disclose the new rates on Sunday the retail stores for petroleum goods.
According to the notification, the rise of Rs35 caused the cost of petrol to climb from Rs214.80 to Rs249.80 and the price of HSD to increase from Rs227.80 to Rs262.80. Kerosene oil prices increased by Rs18, from Rs171.83 to Rs189.83, while light diesel oil prices increased by Rs169.00 to Rs187.00.
Typically, petrol prices are changed every two weeks. Every month on the 15th and the final day, prices released and become effective on the 1st and the 16th. However, rather than on January 31, Finance Minister Ishaq Dar issued the most recent price increase on January 29.
The actions are taken to resume selling petroleum goods at retail stores. This looked to be the government’s inability to take action against the proprietors of the gas stations that stockpiled the gasoline reserves and dumped a firebomb on the public.
As the rumors of a price hike speculate, retailers stopped selling fuel on Saturday. The government have hopes for publication of the new pricing would debunk rumors that there were insufficient supplies of petrol.
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