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Expected Rise In Pakistan’s Petrol Prices, March 1

Expected Rise In Pakistan's Petrol Prices, March 1

The federal government is anticipated to raise petrol and diesel prices in the first fortnight of March 2024, following recent increases in electricity and natural gas rates. Reports suggest a potential hike of Rs4.50 per litre for petrol and Rs2.50 per litre for diesel, along with an expected increase of Rs2.92 per litre for kerosene oil.

The Oil and Gas Regulatory Authority (Ogra) is set to send a summary to the Ministry of Petroleum on February 29, proposing the adjustment of petroleum prices. This move aligns with the government’s recent measures to address economic challenges, including adjustments in energy tariffs.

Read more: Petrol Price In Pakistan Experiences Another Increase

In a late-night development, the outgoing government of Pakistan announced a substantial increase in the electricity base rate, further intensifying the economic strain on the population already grappling with record-high prices. The National Electric Power Regulatory Authority (NEPRA) raised the electricity price by Rs7.05 as part of fuel adjustment charges for January, a decision that is expected to take effect in March 2024, coinciding with the month of Ramadan. It is noteworthy that the increased rates will not apply to lifeline consumers and those served by K-electric.

This decision by NEPRA is projected to impose an additional financial burden of Rs66 billion on power consumers. As the economic challenges persist, these adjustments in energy and fuel prices contribute to the overall burden on the masses in crisis-hit Pakistan.

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