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Amid rising inflation, the government has decided to increase petrol prices by Rs9.66 for the next 15 days, a few days ahead of Eid-ul-Fitr.
According to the finance ministry’s notification, as part of the fortnightly revision of prices of petroleum products, diesel prices have been increased by Rs3.32 per litre. Following the significant increase, the new price of petrol is Rs289.41 per litre, while Rs282.24 per liter for HSD, it added.
On the recommendation of Oil & Gas Regulatory Authority (OGRA), these prices will begin from April 1, 2024. However, It further said that an increase in the prices of petroleum products will be applied from 12 o’clock tonight till April 15.
On March 15, the government opted to keep petrol prices unchanged for the forthcoming 15 days. Initial projections suggested a potential increase of Rs10 to 11 per liter during this period, primarily due to import premiums and global price hikes.
Citing insider information, it was revealed that geopolitical tensions led to a $4 surge per barrel in petrol import costs, with import premiums climbing from $12.15 to $13.5 per barrel, translating to the anticipated rise in petrol prices.
Conversely, diesel prices witnessed a decline in the global market, prompting Pakistan State Oil (PSO) to maintain a steady import premium of $6.50 per barrel. Consequently, high-speed diesel prices are expected to drop by Rs1.30 to Rs 2.50 per litre.
