ISLAMABAD: The federal government has announced a Rs4.53 per litre increase in petrol prices for the next fortnight, in accordance with the rise in global oil rates.
As per a notification released by the Finance Division on Monday night, the price of high-speed diesel (HSD) has also been raised by Rs8.14 per litre to Rs290.38.
These adjustments will take effect from April 16. Additionally, the government has elevated kerosene prices by Rs6.69 to Rs193.8 per litre, and the rate of light diesel has surged by Rs6.54 to Rs174.34 per litre.
The notification stated that international market trends over the last fortnight have led to these price revisions, with the Oil & Gas Regulatory Authority (Ogra) calculating consumer prices based on global price fluctuations. In the previous review, petrol prices surged by Rs9.66, while HSD prices were reduced by Rs3.32 per litre.
The government conducts fuel price reviews every 15 days, aligning them with global oil price movements and the local currency’s exchange rate.
Pakistan, which imports approximately 85% of its oil requirements, is grappling with a balance of payments crisis and rising inflation. The increased fuel prices are expected to impact the cost of living and transportation in the country.
In February, petroleum product sales saw a 19% year-on-year decline, primarily driven by reduced gasoline and diesel sales amid the economic slowdown. The government imposes a Rs60 per litre petroleum development levy (PDL) on both petrol and HSD.
(Islamabad51_Newsdesk)
