According to the details, the federal outing interim government has once again increased the price of petrol.
Following an increase of Rs4.13 per litre, the new price of petrol has been set at Rs279.75 per litre. The Ministry of Finance issued a notification regarding the price hike.
| Products |
Existing price |
New price |
Increase/Decrease |
| Petrol |
275.62 |
Rs279.75 |
+Rs4.13 |
| High Speed Diesel (HSD) |
Rs287.33 |
Rs287.33 |
Rs0 |
According to the notification, the price of diesel will remain unchanged at Rs287.33 per litre. These new prices will come into effect from midnight.
It is important to note that the caretaker federal government had previously increased the prices of petroleum products on February 15. The government had raised the price of petrol by Rs2.73 per litre and diesel by Rs8.37 per litre.
Read more: Petrol Prices in Pakistan Increased: Latest Petrol Price from February 16
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 the 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 recent hike has already been predicted due to a hike in global oil prices amid a recovery in demand, as per a report in The News, 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.