ISLAMABAD: Pakistan’s Finance Division announced this week it had increased the prices of petrol by Rs1 per liter and high-speed diesel by Rs7 per liter for the next fortnight, saying the decision was taken due to fluctuations in the international oil market.
This is the second consecutive hike in prices of petroleum products by the government as Pakistan increased the per-liter rates of petrol and diesel by Rs3.47 and Rs2.61 on Jan. 15.
The new price of petrol will be Rs257.13 per liter while that of high-speed diesel will be Rs267.95 per liter, a notification by the Finance Division said on Friday.
“The Oil & Gas Regulatory Authority (0GRA) has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market,” the notification said.
Fuel prices in Pakistan are reviewed and adjusted fortnightly, based on fluctuations in international energy markets and the rupee-dollar exchange rate.
The mechanism ensures that the net impact of changes in import costs is passed on to consumers, helping to sustain the country’s fuel supply chain.
Fuel price increases typically push consumer prices higher across sectors, causing economic strain and fueling popular resentment among the masses.
