Welivego

The caretaker administration raised the price of gasoline and fuel by more than Rs14 late Thursday, as the country struggles with rising electricity costs. 

The increase, according to the Finance Division, was brought on by "variations in exchange rates and the increasing trend of petroleum prices in the international market."

Following the lifting of import restrictions that raised demand for the dollar and an increase in the risks involved with financing the nation's current account deficit, the local currency has reached an all-time low.

Since the formation of the caretaker government, which is charged with guiding the country through a national election that is theoretically scheduled to take place by November and overseeing at least one review of the $3 billion standby arrangement with the International Monetary Fund (IMF), the rupee has lost more than Rs15 in the interbank market.

The News had earlier today cited sources in the energy sector in its story that the interim administration was set to raise the price of gasoline and diesel.

Considering the ex-depot costs of petroleum, the price of gasoline and high-speed diesel would probably experience a significant increase, according to the way the oil sector operates. In accordance with the formula for the fortnightly review of pricing, the government would examine the price of petroleum on Thursday night.

The government increased the cost of gasoline and high-speed diesel on August 1 by Rs. 19.95 and Rs. 19, respectively. 

The cost of gasoline increased by Rs. 17.50 per litre on August 16 while the cost of high-speed diesel jumped by Rs. 20 per litre.