ISLAMABAD: The government has granted approval for a significant increase in the prices of petroleum products, with a hike of Rs. 13.55 per liter in petrol prices. A revision in the classification of petroleum products’ pricing has also been initiated.

According to sources, the price of petrol has been increased by Rs. 13.55 per liter, while diesel prices have seen a rise of Rs. 2.75 per liter. Furthermore, a reduction of 24 paisas per liter has been implemented in the price of kerosene oil. The Prime Minister’s approval has been obtained for the new prices of petrol.

This decision, while reflecting an adjustment in the pricing structure, aims to address various economic factors and ensure the sustainability of the petroleum sector.

The State-owned petroleum corporation in Pakistan will reportedly face higher import premiums due to the recent spike in global oil prices. Additionally, prices of kerosene and light diesel are also anticipated to see an increase in the next two weeks.

Despite a slight improvement in the exchange rate for the rupee against the US dollar in late January, Pakistan State Oil (PSO) will still incur higher import premiums, with a $2 per barrel increase for both petrol and diesel.

However, it’s worth noting that the interim government had previously slashed petrol prices by Rs8 per litre in a bid to alleviate financial burdens on the public.

Read more: Production of petroleum products in Pakistan increases by 6.49%

On a global scale, petrol prices have risen from $83 to $89 per barrel, while diesel prices have increased from $93 to $97 per barrel in the past week.

New Petrol Price in Pakistan

Increase in the petrol and diesel prices may present some challenges, Pakistan remains resilient in navigating the fluctuations in international oil markets. The government’s commitment to managing fuel prices responsibly and mitigating the impact on consumers underscores a proactive approach to economic stability and ensuring the well-being of citizens.