On Sunday, the government announced a hike in petrol prices by Rs9.66 per litre while simultaneously reducing the price of high-speed diesel (HSD) by Rs3.32 per litre.
As per the latest announcement, the price of petrol has surged from Rs279.75 to Rs289.41 per litre, whereas the rate of high-speed diesel (HSD) has been slashed to Rs282.24 from Rs278.92.
In a statement issued by the Finance Ministry, the adjustments were attributed to corresponding fluctuations in petrol and HSD prices in the international market. The ministry emphasized that these alterations align with the government’s policy of reflecting international market variations in domestic prices. These revised petroleum prices will come into effect from April 1, 2024.
Additionally, the prices of kerosene oil and light diesel oil have been decreased by Rs2.27 and Rs0.38 per litre, respectively, resulting in new rates of Rs186.39 for kerosene and Rs167.80 for light diesel oil.
Kerosene, primarily utilized by illicit entities for adulteration with petrol, as well as for lighting and heating purposes in remote areas, has seen a reduction in price. Light diesel oil, consumed by flour mills and a few power plants, also witnesses a decrease in its pricing.
This decision follows up on Prime Minister Shehbaz Sharif’s previous announcement on March 15, wherein he increased the price of diesel by Rs1.77 per litre while maintaining the price of petrol unchanged.
