ISLAMABAD: The federal government, on Sunday, announced an increase in petrol prices by Rs9.66 per litre for the next two weeks, citing a rise in global crude prices. Conversely, the price of high-speed diesel (HSD) has been reduced by Rs3.32 per litre.
Effective from April 1, the Finance Division confirmed the adjustment in fuel prices.
According to the Finance Division, “The international market witnessed a hike in Petrol (Motor Gasoline) prices over the past fortnight, while HSD prices experienced a slight decline.”
This move aligns with the government’s strategy to reflect international market fluctuations domestically. The consumer price of HSD has been lowered once again, following a decrease earlier in March 2024.
Fuel prices are reviewed every 15 days by the government, considering global oil price shifts and local currency exchange rates. The rupee has seen a slight appreciation against the dollar since the last revision, hovering around 277.94 per dollar on Friday.
This adjustment comes after the Prime Minister Shehbaz Sharif-led government maintained petrol prices unchanged in the previous review, shortly after assuming power earlier in the month. However, the price of HSD was reduced by Rs1.77 per litre.
With Pakistan relying on imports for about 85% of its oil needs, the country is facing challenges due to a balance of payments crisis and escalating inflation.
The increase in fuel prices is expected to impact the cost of living and transportation, especially as petroleum product sales dropped by 19% year-on-year in February, largely due to reduced gasoline and diesel sales amid economic slowdown.
Currently, the government imposes a Rs60 per litre petroleum development levy (PDL) on both petrol and HSD.
(Islamabad51_Newsdesk)
