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The government has raised the price of petrol by Rs2.73 per litre to Rs275.62 per litre for the upcoming two weeks, in line with the recommendations from the Oil and Gas Regulatory Authority (OGRA).
The Finance Division released a statement, announcing the decision to adjust the current prices of petroleum products starting from February 16, 2024.
Additionally, the cost of high-speed diesel has seen an increase of Rs8.37 per litre, now priced at Rs287.33 per litre.
The revised prices are as follows:
Petrol Rs. 275.62 per litre, HSD Rs. 287.33 per litre. These new prices, recommended by OGRA, came into effect at midnight on February 16 and will be applicable until February 29.
The adjustment in petrol and high-speed diesel prices was anticipated following the exchange rate fluctuations. Official sources attribute the significant hike in fuel prices to the ongoing crisis in the Red Sea, where Houthis are disrupting the movement of oil vessels and other ships. Last month, in response to heightened tensions in the Middle East due to Israel’s actions against Gaza, the caretaker government had already increased the petrol price by Rs13.55 per litre.