Petrol and Diesel Prices Surge in Pakistan In response to the surge in global oil rates, the federal government of Pakistan has announced an increase in the prices of petrol and high-speed diesel (HSD). Effective from April 16, the new prices aim to reflect the recent fluctuations in the international oil market. According to the notification issued by the Finance Division, petrol will witness a hike of Rs4.53 per litre, soaring from Rs289.41 to Rs293.94. Similarly, the price of high-speed diesel (HSD) will experience a significant jump of Rs8.14 per litre, reaching Rs290.38 from the previous Rs282.24.
Here’s a breakdown of the revised fuel prices:
- Petrol:
- Existing Price: Rs289.41
- New Price: Rs293.94
- Increase: +Rs4.53 per litre
- High-Speed Diesel (HSD):
- Existing Price: Rs282.24
- New Price: Rs290.38
- Increase: +Rs8.14 per litre
Furthermore, the government has also raised the prices of kerosene oil and light diesel. Kerosene oil will now cost Rs193.8 per litre, with an increase of Rs6.69, while light diesel will be priced at Rs174.34 per litre, up by Rs6.54.
The decision to revise fuel prices every 15 days is in line with monitoring global oil prices and local currency exchange rates. With Pakistan importing around 85% of its oil requirements, the increase in fuel prices is expected to impact the cost of living and transportation. This surge comes amid a challenging economic landscape, marked by a balance of payments crisis and escalating inflation rates.
In February, there was a significant decline in the sale of petroleum products, attributed to reduced consumer spending amidst the economic slowdown. The government continues to levy Rs60 per litre Petroleum Development Levy (PDL) on petrol and HSD, contributing to the overall cost burden faced by consumers.
