LAHORE: The Petroleum Dealers Association in a statement Thursday rejected the new hike in petroleum products prices.

The association categorically rejected the hike in prices of petroleum products. The dealers said that it would be difficult to run petroleum businesses in the current circumstances. Hours after presenting a ‘mini-budget’, the federal government has jacked up the price of petrol by Rs22.20 per litre in a bid to appease the International Monetary Fund (IMF) for reviving $7 billion Extended Fund Facility (EFF).

The rate of petrol has been increased to Rs272.00 per litre from Rs249.80 per litre. The new prices will come into effect from 12am tonight, a press release from the Finance Division read. The statement said that the price of petrol was increased to Rs272 per litre after an increase of Rs22, pointed out that the surge has taken place due to the rupee’s devaluation against the dollar.

Meanwhile, the price of high-speed diesel (HSD) has been increased by Rs17.20 per litre to Rs280.00. The price of kerosene has been increased by Rs12.30, after which the new price of kerosene oil has become Rs202.73 per litre. Similarly, the price of light diesel has been increased by Rs9.68 to Rs196.68 per litre.