After the government intervened to address a run on filling stations fueled by scarcity worries, notably in Punjab and Khyber Pakhtunkhwa, Pakistanis woke up on Sunday to a record single-day increase in the price of gasoline, which also stands at an all-time high of almost Rs 250 a litre.
The government, however, was unable to stabilize the shaky supply chain that has been on edge owing to a foreign exchange shortfall for weeks. Three days before the usual weekly announcement, the price of petrol increased by Rs 35 per litre, along with the prices of high-speed diesel (HSD), light diesel oil (LDO), and kerosene, which all saw increases of Rs 18.
Compared to the previous top of Rs 248.74 per litre in the first two weeks of July 2022, the price of gasoline has reached an all-time high. The price of gasoline has increased by Rs 35 per litre, which is also the greatest single increase in the history of the nation.
The rise was the second-highest after the about Rs 59 per-litre increase announced on July 1 and falls just short of the previous top of Rs 276.54 set in July. The new ex-depot price of HSD is marginally less than that peak.
Kerosene and LDO prices earlier reached their all-time highs in the first two weeks of July at Rs 230.26 and Rs 226.15 per litre, respectively.
Petrol, HSD, LDO, and kerosene were each priced at Rs 150, Rs 145, Rs 118, and Rs 126, respectively, when the PTI administration was overthrown in April of last year.
While addressing,?Mr. Dar said that social media rumours about an impending hike of Rs 47–80 per litre in gasoline prices at the end of the month prompted shopkeepers to stockpile goods and led to a “artificial scarcity.”
He blamed the central bank’s activities, notably the devaluation of the rupee and the increase in global oil prices, for the price increase. To stop stockpiling, illicit marketing, and fake shortages, the Oil and Gas Regulatory Authority encouraged the government to announce and execute the hike in fuel prices right away.
The government also raised the petroleum development levy (PDL) on HSD by Rs 5 per litre to Rs 40 with the most recent price rise, falling short of the Rs 50 pledge given to the IMF for April 2023.