The federal government made significant changes to fuel prices on Sunday, with petrol prices surging by Rs9.66 per litre while the cost of high-speed diesel (HSD) decreased by Rs3.32 per litre. These adjustments, scheduled to take effect from April 1, were announced through a statement from the Finance Division.
In light of recent increases in international crude oil prices, the government opted to raise petrol prices accordingly. Conversely, the reduction in HSD prices reflects a marginal decline in its international market value. The adjustments aim to synchronize domestic fuel prices with fluctuations observed in the global market, adhering to the government’s established policy.
The existing and new prices of petrol (MS) and HSD are as follows: Petrol, which previously stood at Rs279.75 per litre, will now cost Rs289.41 per litre, marking a Rs9.66 increase. On the other hand, the existing price of HSD at Rs285.56 per litre will be reduced to Rs282.24 per litre, representing a decrease of Rs3.32.
The statement issued by the Finance Division underscored the rationale behind these adjustments. It emphasized the recent upward trend in international petrol prices while noting the slight downturn in HSD prices. This decision reflects the government’s commitment to adjusting domestic fuel prices in line with global market variations.
Furthermore, the statement highlighted that this reduction in HSD prices is not an isolated incident but rather a continuation of a downward trend initiated with a revision in mid-March 2024. This underscores the government’s responsiveness to market dynamics and its efforts to mitigate the impact of price fluctuations on consumers.
Overall, these adjustments aim to strike a balance between ensuring fiscal stability and alleviating the burden on consumers, all while navigating the complexities of the international energy market.
