Govt jacked up Petrol Price in Pakistan by Rs2.73 per litre

The caretaker government has decided to raise the price of petrol by Rs2.73 per litre to Rs275.62 per litre for the next fortnight, following a recommendation from the Oil and Gas Regulatory Authority (OGRA).

In a statement issued by the Finance Division, the Government of Pakistan announced changes in the prices of petroleum products effective from February 16, 2024. Additionally, the price of high-speed diesel has been increased by Rs8.37 per litre to Rs287.33 per litre.

The new prices, recommended by OGRA, came into effect at midnight on February 16 and will remain in place until February 29.

The hike in fuel prices was anticipated due to adjustments in the exchange rate. Official sources also cited concerns over the situation in the Red Sea, where attacks by Houthis have disrupted the movement of oil vessels and other ships, as a contributing factor to the increase.

Last month, the caretaker government raised the price of petrol by Rs13.55 per litre in response to ongoing tensions in the Middle East, particularly Israel's military actions in Gaza.