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Pakistan Islamabad

Petrol Prices Increase Before New Government Takes Over

Petrol Prices Increase Before New Government Takes Over

The departing interim government in Pakistan increased the price of petrol by Rs4.13 per litre, exacerbating the challenges faced by the already inflation-burdened population. A notification from the Finance Division revealed that the new petrol price stands at Rs279.75 per litre, effective until March 15. In contrast, the price of high-speed diesel remains unchanged at Rs287.33 per litre.

The Finance Division clarified that adjustments in petroleum product prices occur every 15 days in Pakistan, aligning them with global oil prices and the exchange rate of the Pakistani rupee against the dollar. While the rupee has maintained stability recently, this marks the third consecutive increase by the interim government, which concludes its term as an elected prime minister prepares to assume office by the week’s end, bringing an end to the longest-serving caretaker government.

Read more: Petrol Price To Hike In Pakistan From 1st March

The anticipation of this latest hike was grounded in the rise of global oil prices, attributed to increased demand recovery amid ongoing tensions in the Middle East. With approximately 85% of Pakistan’s oil needs being imported, the nation has grappled with a balance of payments issue and surging inflation, reaching 28.3% in January. This latest adjustment adds to the economic challenges faced by the incoming government, highlighting the complex landscape they inherit.