Islamabad: The outgoing caretaker government of Pakistan has announced a significant hike in petrol price. The Oil and Gas Regulatory Authority (OGRA) recommended the increase, leading to a rise of Rs13.55 per litre, with the updated prices set to take effect from midnight on February 1.
A statement issued by the Finance Division confirmed the government’s decision to adjust petroleum product prices during the fortnight starting from February 1, 2024. The decision comes amid global uncertainties and geopolitical tensions in the Middle East, with Israel continuing its military operations in Gaza.
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As a result of this revision, the new petrol price will be Rs272.89 per litre. Additionally, the price of high-speed diesel has been increased to Rs278.96 per litre after a hike of Rs2.75. On the other hand, the price of kerosene oil has witnessed a marginal decrease, settling at Rs186.62 per litre after a reduction of Rs0.24. The price of light-speed diesel has been increased to Rs166.86 per litre after a hike of Rs2.03.
The decision to adjust fuel prices reflects the government’s response to the changing global landscape and the economic implications of heightened tensions in the Middle East. These adjustments are expected to have an impact on various sectors of the economy, including transportation and consumer goods, as businesses navigate the challenges posed by increased fuel costs.
