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Sunday April 21, 2024

Petrol price increased by Rs4.13 per litre for next fortnight

Outgoing caretaker government increases price in fortnightly review

By Saif Ur Rehman
February 29, 2024
A fuel station worker refills a cars petrol tank. — AFP/File
A fuel station worker refills a car's petrol tank. — AFP/File

ISLAMABAD: In line with the global oil rates, the outgoing caretaker government has increased the price of petrol by Rs4.13 per litre for the next fortnight.

The new petrol price is Rs279.75 per litre, a notification from the Finance Division read, which will remain in place till March 15.

The Finance Division mentioned that the price of high-speed diesel has kept unchanged at Rs287.33 per litre.

ProductsExisting price
New price
Increase/Decrease
Petrol
275.62
Rs279.75
+Rs4.13
High Speed Diesel (HSD)
Rs287.33Rs287.33
Rs0

The prices of petroleum products are revised every 15 days in Pakistan adjusting them to the trend of global oil prices and the rupee’s exchange rate to the dollar. The Pakistani rupee has held steady recently.

This was the third consecutive hike by the interim set-up and will be last by them as an elected prime minister is all set to take office by the end of this week, marking an end to the longest-serving caretaker government.

The latest hike was already predicted due to a hike in global oil prices amid a recovery in demand, as per a report published in The News daily, as the tensions in the Middle East persist.

About 85% of Pakistan's oil needs are imported, and the country has been struggling with a balance of payments problem and skyrocketing inflation, which was 28.3% in January.