The Pakistani government, led by Shehbaz Sharif, raised the price of fuel on Monday by Rs4.53 per litre for the upcoming two weeks.
The Finance Division said late on Monday that the cost of high-speed diesel (HSD) had increased to Rs290.38 per litre, an increase of Rs8.14 per litre. Starting on April 16, the new fuel prices will be in place.
Additionally, the price of paraffin oil has been raised by the government to Rs193.8 per litre from Rs6.69. In the same vein, light diesel now costs Rs174.34 per litre, up Rs6.54.
“Petroleum product prices have seen an increasing trend in the international market during the last fortnight,” reads the announcement. Consumer pricing has been determined by the Oil and Gas Regulatory Authority (OGRA) using the price fluctuations in the global market.
The federal government cut the price of HSD by Rs3.32 per litre but raised the price of petrol by Rs9.66 in the most recent weekly review.
Every fifteen days, the government examines and modifies gasoline prices in response to changes in the price of oil globally and in the value of the local currency. About 85% of Pakistan’s oil needs are imported, and the country has been struggling with a balance of payments problem and rapidly rising inflation.
The cost of life and transportation in the nation would be negatively impacted by the increased gasoline costs; in February, sales of petroleum products fell by 19% on an annual basis.
Lower sales of gasoline and diesel were the primary cause of the decline, as customers reduced their expenditures in response to the slowing economy. For fuel and HSD, the government levies a petroleum development levy (PDL) of Rs. 60 per litre.
