The federal government on Sunday increased the price of petrol and diesel by a staggering Rs35 per litre in the country.

Federal Minister for Finance and Revenue Senator Ishaq Dar announced that increased in the prices of Petrol and High-Speed Diesel (HSD). The prices of kerosene oil and light diesel have been increased by Rs18 per litre.

He said that rumours were circulating on social media and other media for the past few hours that an increase of 80 rupees per litre is expected in the price of petrol which were not true.

The minister said  the rumours created an artificial shortage of petrol in the market. Thus, keeping in mind the anxiety in the market, the announcement of petroleum prices on the instructions of OGRA was necessary.

He said that the government had to take these measures due to the devaluation of the rupee and the 11 percent increase in oil prices in the international market.

The minister said that currently there is plenty of petrol in the country and efforts are being made to create an artificial shortage. Dar said the price hike will end the artificial scarcity of petroleum in the country.

He said that new price of petrol in the country will be Rs249.80, high-speed diesel Rs262.80, kerosene Rs189.83 and light diesel Rs187 per litre.

He said that the government did not increase the price of oil in the last four months despite the fluctuations in the oil prices in the world market.

Dar said that in the last four months, the government reduced the prices of petrol and high-speed diesel by Rs20 and the price of kerosene oil and light-speed diesel by Rs30.

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