Govt approves Rs2.73 per litre petrol price hike

As the country battles rampant inflation, the caretaker government Thursday announced an Rs2.73 per litre hike in petrol price for the next fortnight to Rs275.62 per litre.

As per the notification issued by the Finance Division, the price for high-speed diesel has also been increased by Rs8.37 per litre to Rs287.33 per litre.

"Government of Pakistan has decided to bring changes in the current prices of Petroleum products for the fortnight," the notification read.

The new prices, as recommended by the Oil and Gas Regulatory Authority (Ogra) have taken effect from this midnight (February 16) and will remain in place till February 29.

The increase in prices of petrol and high-speed diesel was expected after the exchange rate adjustment.

According to official sources, the main hike in fuel prices comes in the wake of the alarming situation in the Red Sea where Houthis are attacking and restricting the movement of oil vessels and other ships.