The caretaker government has announced an increase in the price of petrol by Rs4.13 per litre for the upcoming fortnight, as revealed in a notification by the Ministry of Finance. The revised price, effective from March 1, set petrol at Rs279.75 per litre. However, there is no adjustment in the prices of diesel, kerosene, and light diesel.
The updated fuel prices are as follows:
- Diesel: Rs287.33 (Old Price) – Rs287.33 (New Price) [No Change]
- Kerosene: Rs186.62 (Old Price) – Rs186.62 (New Price) [No Change]
- Light Diesel: Rs166.86 (Old Price) – Rs166.86 (New Price) [No Change]
- Petrol: Rs275.62 (Old Price) – Rs279.75 (New Price) [Increase of Rs4.13]
This follows a previous adjustment on February 14, where the government raised petrol prices by Rs2.73 and diesel prices by Rs8.37.
Fuel prices in Pakistan undergo regular revisions every fortnight, guided by recommendations from the Oil and Gas Regulatory Authority (OGRA). The fluctuations are influenced by factors such as international oil prices and the exchange rate between the dollar and the rupee, given the substantial oil imports by Pakistan.
The economic ramifications of oil price changes extend to various sectors, impacting the cost of essential items and affecting overall economic stability. This decision marks the government’s response to dynamic global oil market conditions, aiming to balance economic considerations and consumer concerns.
