As Pakistan braces for the first fortnight of March 2024, the federal government is gearing up to announce an increase in petrol and diesel prices, following recent hikes in electricity and natural gas rates.
Reports indicate that petrol prices are set to rise by Rs4.50 per litre, while diesel prices are expected to climb by Rs2.50 per litre. Additionally, the price of kerosene oil is likely to see an uptick of Rs2.92 per litre.
The Oil and Gas Regulatory Authority (OGRA) is scheduled to submit a summary to the Ministry of Petroleum on February 29, recommending the proposed increase in petroleum prices.
In a significant late-night development, Pakistan’s outgoing government has announced a substantial rise in the electricity base rate, adding further strain to the already inflation-burdened masses.
With the country grappling with record-high prices, the National Electric Power Regulatory Authority (NEPRA) has approved an increase of Rs7.05 in electricity prices for fuel adjustment charges in January. This hike is set to take effect in March 2024, coinciding with the holy month of Ramadan. Notably, the price surge will not impact lifeline consumers and K-electric consumers.
The decision by NEPRA is expected to impose an additional burden of Rs66 billion on power consumers across Pakistan. Stay tuned for the official announcement of the new petrol prices, expected to come into effect from March 1, 2024.
