Govt Hikes Petrol Price By Rs4.53

The price of high-speed diesel (HSD) has also been increased by Rs8.14 per litre.

Govt Hikes Petrol Price By Rs4.53

The federal government has raised the price of petrol by Rs4.53 per liter for the next two weeks in response to the rise in global oil prices. 

According to a notification issued by the Finance Division late Monday, the price of high-speed diesel (HSD) has been raised by Rs8.14 per liter to Rs290.38 per liter.

The increased fuel prices will become effective on April 16. 

Moreover, the government increased the price of kerosene oil by Rs6.69 to Rs193.8 per liter. Similarly, the price of light diesel has risen by Rs6.54 to Rs174.34 a liter.

"Over the previous two weeks, the worldwide market has experienced an increase in the cost of petroleum products. The Oil and Gas Regulatory Authority (OGRA) calculated consumer prices based on price differences in the international market," according to the notification. 

In the most recent weekly review, the federal government raised the price of petrol by Rs9.66 while lowering the price of HSD by Rs3.32 per liter. 

Every 15 days, the government evaluates and modifies fuel rates depending on global oil price trends and the local currency's exchange rate. 

Pakistan, which imports over 85% of its oil, has been dealing with a balance-of-payments issue and rising inflation.

Higher fuel prices would increase the cost of life and transportation in the entire country, where petroleum product sales fell 19% year on year in February. 

The reduction was mostly due to decreasing petrol and diesel sales as consumers cut back on spending during the economic downturn. The government charges Rs 60 per liter for the petroleum development levy (PDL) on petrol and HSD.