The Pakistani government has increased the price of petrol to PKR 272 ($1.76) per litre, blaming the rise on the depreciation of the rupee against the US dollar and increased prices detected by Platts Singapore. Prices of hi-speed diesel have risen by PKR 13 per litre, while kerosene oil has gone up by PKR 2.56. Light diesel oil prices have stayed constant, adjusted by the government. The hike comes into effect immediately, and will remain until the end of March. Previously, petrol prices had dropped by PKR 5 per litre to PKR 267 per litre for the next fortnight at the end of February, confounding predictions of a rate rise to please the International Monetary Fund. Pakistan has been struggling with inflation, which has reached levels not seen in 50 years, and with the approach of the holy month of Ramadan, the fuel price rise is only expected to exacerbate the problem.
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