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Friday May 24, 2024

What will be new petrol price in Pakistan from tomorrow?

Govt is set to announce new prices of petroleum products for next fortnight

By Business Desk
April 15, 2024
A worker at a fuel station fills the petrol tank of a motorcycle. — AFP/File
A worker at a fuel station fills the petrol tank of a motorcycle. — AFP/File

ISLAMABAD: The federal government will announce the prices of petroleum products for the next fortnight today (Monday).

Sources in the Petroleum Division (PD), who spoke to the Geo News on the condition of anonymity, shared that the price of crude oil in the international market has gone up.

However, they clarified that the PD hasn’t received the summary regarding prices from the Oil & Gas Regulatory Authority (Ogra).

When asked about how much an increase is expected in the fuel pricecould be seen, the officials stated that it was too early to determine whether the price would be increased or not.

Irrespective of the summary, the final decision on the price of petroleum products is taken by the Finance Ministry on the advice of the prime minister.

If the government greenlights an increase in the petrol prices today then it would be the second time this month that the people will see an increase due to a surge in international crude prices.

In the last fortnightly review, the federal government increased the price of petrol by Rs9.66 but it slashed the price of high-speed diesel (HSD) by Rs3.32 per litre.

The government reviews fuel prices every 15 days and adjusts them based on the movements of global oil prices and the exchange rate of the local currency.

Pakistan, which imports about 85% of its oil needs, has been grappling with a balance of payments crisis and soaring inflation.

The higher fuel prices will have a knock-on effect on the cost of living and transportation in the country, where the sale of petroleum products declined by 19% year-on-year in February.

The drop was mainly due to lower gasoline and diesel sales, as consumers cut back on their spending amid the economic slowdown. The government is charging Rs60 per litre petroleum development levy (PDL) on petrol and HSD each.