[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The Shehbaz Sharif-led administration in Pakistan has announced a hike in petrol prices for the upcoming two weeks, with an increase of Rs4.53 per litre. Additionally, the price of high-speed diesel (HSD) has surged by Rs8.14 per litre to reach Rs290.38. These adjustments are set to take effect from April 16, as per a notification released by the Finance Division on Monday.
Furthermore, the government has raised the rates of kerosene oil by Rs6.69 to Rs193.8 per litre, while the cost of light diesel has been raised by Rs6.54 to Rs174.34 per litre.
Read more : Pakistans Petrol Price Rises Once Again
The notification explains that the surge in international market prices of petroleum products over the last two weeks prompted these adjustments. The Oil & Gas Regulatory Authority (OGRA) has computed the new consumer prices based on these international market variations.
During the previous bi-weekly review, the federal government had raised petrol prices by Rs9.66, but it reduced the cost of HSD by Rs3.32 per litre.
Pakistan revises fuel prices every 15 days, aligning them with global oil price fluctuations and the local currency’s exchange rate. With Pakistan importing approximately 85% of its oil requirements, the nation faces challenges related to balance of payments and inflation. The increased fuel prices are likely to impact living expenses and transportation costs, exacerbating the economic strain already felt by many citizens. In February, petroleum product sales saw a 19% decline year-on-year, primarily due to reduced spending amid the economic slowdown. Additionally, the government imposes a Rs60 per litre petroleum development levy (PDL) on both petrol and HSD.[/vc_column_text][/vc_column][/vc_row]
