The Minister of Finance, Ishaq Dar, declared a hike in fuel prices on a recent broadcast. Effective immediately at 11 am, the cost of gasoline and diesel will escalate by a sum of Rs35 per liter. Additionally, the prices of kerosene and light diesel oil will soar by Rs18 per liter.
This increase in fuel prices was triggered by the depreciation of the rupee against the dollar after the elimination of the informal limit on the currency. Despite rumors of a surge as high as Rs80 per liter, the actual increase was significantly lower.
Petrol stations saw a rush of customers due to these rumors, causing the Oil & Gas Regulatory Authority to issue a statement discouraging the spread of false information.
