Caretakers add to miseries of masses: POL prices jacked up again

Latest hike takes price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre.

ISLAMABAD: While the masses have bern protesting inflated electricity bills amid record inflation, the caretaker government in the darkness of night further increased petrol and diesel prices by over Rs14 per litre.

The latest increase brings the price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre, the Ministry of Finance said in a post on X (formerly Twitter) after midnight.

The Finance Division said the hike was due to the “increasing trend of petroleum prices in the international market and exchange rate variations”.

The local currency is at an all-time low following an easing in import restrictions that has increased the greenback’s demand and rising risks associated with financing the country’s current account deficit.

The rupee has lost over Rs15 in the interbank market since the formation of the caretaker government which is tasked with overseeing at least one review of the International Monetary Fund (IMF) $3 billion standby arrangement; and steering the country through to a national election that is in theory due to take place by November.

Since the induction of the caretaker set-up, the rupee has shed 4.6pc. Through August, the rupee lost 6.2pc.

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