Petrol price in Pakistan up by Rs4.53/litre

ISLAMABAD: The federal government has raised the price of petrol for the upcoming fortnight by Rs4.53 per litre to reflect the recent surge in global oil rates.

Alongside this adjustment, the price of high-speed diesel (HSD) has also been increased by Rs8.14 per litre, setting it at Rs290.38 per litre. These revised fuel prices will come into effect from April 16.

The new fuel prices will be effective from April 16.

A notification issued by the Finance Division late Monday explained that international market trends over the past fortnight have dictated these adjustments.

The Oil & Gas Regulatory Authority (OGRA) calculated the new consumer prices based on these global price fluctuations.

During the previous fortnightly review, the federal government had raised petrol prices by Rs9.66 per litre but reduced HSD prices by Rs3.32 per litre.

Fuel prices are regularly reassessed every 15 days by the government, aligning them with movements in global oil prices and the local currency exchange rate.

Pakistan, heavily reliant on imported oil (about 85% of its needs), has been contending with a balance of payments crisis and significant inflationary pressures.

The recent increase in fuel prices is expected to further impact the cost of living and transportation within the country.

In February, there was a 19% decline in the sale of petroleum products, largely attributed to reduced gasoline and diesel consumption amid economic slowdown.

It’s worth noting that the government imposes a Petroleum Development Levy (PDL) of Rs60 per litre on both petrol and HSD.