ISLAMABAD: The government has raised petroleum product prices by raising petrol prices by 26 rupees per liter, according to a statement from the Finance Division.
This decision comes in response to the escalating global oil prices. These new prices will come into effect starting September 16.
Following the government’s announcement, petrol will now be priced at Rs 331.38 per liter, reflecting a Rs 26.02 increase. High-speed diesel prices have also seen an increase of Rs 17.34 per liter, setting the new price at Rs 329.18.
— Ministry of Finance (@FinMinistryPak) September 15, 2023
Yesterday, concerns were raised about potential price increases due to the depreciation of the rupee and global oil price hikes.
A report in cited informed sources, suggesting that petrol and high-speed diesel prices could go up by Rs 10 to Rs 14 and Rs 14 to Rs 16 per liter, respectively. Additionally, kerosene prices might rise by approximately 10 rupees per liter.
It’s worth noting that on August 31, the interim government had already announced a second consecutive increase in petroleum prices, pushing petrol and diesel prices above Rs 300 per liter for the first time in the country’s history. This second increase came less than a month after the interim government took office. Prior to this, on August 16, the interim government had raised petrol and diesel prices by Rs 17.50 and Rs 20 per liter, respectively. On August 1, the previous government had also substantially increased petrol prices just before the end of its term.
Former Finance Minister Ishaq Dar, during his tenure, had justified these price hikes by stating that the government had made efforts to minimize the impact on the public in response to global market fluctuations.
At that time, high-speed diesel had gone up by Rs 19.90 paisa per liter, while petrol prices had increased by Rs 19.95 paisa, resulting in new prices of Rs 273.40 paisa for high-speed diesel and Rs 272.95 paisa for petrol.