On Monday, the government of Pakistan, led by Shehbaz Sharif, announced an increase in petrol prices by Rs 4.53 per litre for the next two weeks. According to a notification from the Finance Division released late Monday, the price of high-speed diesel (HSD) will also see a rise by Rs 8.14, setting the new price at Rs 290.38 per litre, effective from April 16.
Additionally, the price of kerosene oil will go up by Rs 6.69 to Rs 193.8 per litre, and light diesel will increase by Rs 6.54 to Rs 174.34 per litre.
READ ALSO — Pakistan Raises Petrol Prices as Global Oil Costs Surge
The notification explained that the hike in prices is due to the upward trend of petroleum product costs in the international market over the last fortnight. The Oil & Gas Regulatory Authority (OGRA) has calculated the new consumer prices based on these international market fluctuations.
During the previous bi-weekly review, the government had raised petrol prices by Rs 9.66 but had reduced HSD prices by Rs 3.32 per litre.
READ ALSO — Petrol Price Hike to Rs290 Throws Wrench into Eid Travel Plans
Fuel prices in Pakistan are reviewed and adjusted every 15 days, reflecting changes in global oil prices and the local currency’s exchange rate. Pakistan, which imports approximately 85% of its oil requirements, is currently facing a severe balance of payments crisis along with escalating inflation rates.
The recent increases in fuel prices are expected to further impact the overall cost of living and transportation within the country. This comes at a time when the sale of petroleum products has already decreased by 19% year-over-year in February, primarily due to reduced gasoline and diesel consumption as the public tightens spending in response to the economic downturn. Additionally, the government is imposing a Rs 60 per litre petroleum development levy (PDL) on both petrol and HSD.
