The federal government has announced an increase in petrol prices by Rs4.53 per litre for the upcoming fortnight, aligning with the surge in global oil rates. This adjustment, detailed in a notification from the Finance Division late Monday, also includes a hike in the price of high-speed diesel (HSD) by Rs8.14 per litre, bringing it to Rs290.38 per litre effective from April 16.
Moreover, kerosene oil prices have been raised by Rs6.69 to Rs193.8 per litre, while the rate for light diesel has been increased by Rs6.54 to Rs174.34 per litre.
The decision to revise fuel prices is attributed to the rising trend in international markets, as highlighted in the notification. The Oil & Gas Regulatory Authority (OGRA) has calculated the new consumer prices based on fluctuations in global oil prices.
In the previous review, the government had increased petrol prices by Rs9.66 but reduced the price of HSD by Rs3.32 per litre. This bi-weekly adjustment is a part of the government’s routine, wherein fuel prices are reviewed every 15 days to reflect changes in global oil prices and local currency exchange rates.
Pakistan, heavily reliant on oil imports for about 85% of its needs, is facing challenges including a balance of payments crisis and surging inflation. The increased fuel prices are expected to impact the cost of living and transportation, further straining the economy.
February witnessed a 19% decline in the sale of petroleum products, largely driven by reduced gasoline and diesel sales amidst economic slowdown. The government also imposes a petroleum development levy (PDL) of Rs60 per litre on both petrol and HSD.
