ISLAMABAD: Pakistan’s government has increased the price of petrol by Rs5 per liter and that of high-speed diesel (HSD) by Rs7.32 per liter, respectively, an official notification by the Ministry of Energy said on Sunday.
After the fresh increase, the new price of petrol is Rs258.17 per liter from the previous Rs253.17 per liter. Meanwhile, the new price of HSD is Rs275.70 per liter, up from the previous Rs268.38 per liter.
“The government has raised the prices of petroleum products based on recommendations of OGRA [Oil and Gas Regulatory Authority],” a notification by the Ministry of Energy said on Sunday.
Fuel prices in Pakistan are reviewed fortnightly and are influenced by global oil prices, exchange rate movements and domestic taxes. The pricing mechanism passes changes in import costs on to consumers.
The government kept the price of petrol unchanged on Feb. 1, increasing that of HSD by Rs11.30 per lite.
Petrol is mainly used in private transport, motorcycles and rickshaws, while diesel fuels heavy transport and agricultural machinery and is considered a key driver of inflation in the South Asian country.
Financial analysts warn constant increases in prices of petroleum products stoke inflation, inflicting a heavy burden on consumers.
