The federal government has decided to raise the petrol price and diesel for the upcoming two weeks due to an increase in global oil rates. Effective from April 16, the price of petrol will go up by Rs4.53 per litre. Additionally, the price of high-speed diesel (HSD) will rise by Rs8.14 per litre to reach Rs290.38 per litre.
The latest notification from the Finance Division also indicates a hike in the prices of kerosene oil and light diesel. Kerosene oil will now cost Rs193.8 per litre, up by Rs6.69, while light diesel’s price has been raised by Rs6.54 to Rs174.34 per litre.
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The government justifies these increases by citing the upward trend in global oil prices over the last fortnight. The Oil & Gas Regulatory Authority (OGRA) has determined these new consumer prices based on international market fluctuations.
This adjustment follows the previous fortnightly review, during which petrol price rose by Rs9.66 per litre, while the price of HSD decreased by Rs3.32 per litre.
Pakistan, a country heavily reliant on oil imports, faces economic challenges including a balance of payments crisis and high inflation rates. The rise in fuel prices is expected to impact living costs and transportation expenses, exacerbating the financial strain on citizens.
The government routinely reviews fuel prices every 15 days, aligning them with global oil price movements and the local currency’s exchange rate. Notably, the government imposes a petroleum development levy (PDL) of Rs60 per litre on both petrol and HSD.
