Govt Announces Shocking Petrol Price Increase by Rs 9.66 Diesel Price Slashed

The management led by Prime Minister Shehbaz Sharif agreed on Sunday to raise the price of petrol via Rs9.66 for the next 15 days, giving the people who are suffering from inflation any other shock.

In a notification, the Ministry of Finance said that the government of Pakistan decided to raise consumer prices effective April 1, 2024, based on the Oil and Gas Regulatory Authority’s (OGRA) recommendation and as part of the fortnightly modification of petroleum product prices.

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The government’s selection to decrease the price of diesel using Rs3.32 in step with litre turned into also noted. It in addition stated that there may be a boom in the rate of petroleum products beginning in the starting at midnight today and continuing through April 15.

The charge of petrol has increased considerably to Rs289.41 in step with litre, even as the fee of HSD is now Rs282.24 in keeping with litre.

The administration decided on 15 March to maintain the same price of petrol for the next 15 days. Preliminary estimates indicated that import barriers and worldwide price increases would be the main causes of a possible increase of Rs 10 to Rs 11 per litre during this time.

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According to insider information, geopolitical concerns caused a $4 increase in the cost of importing petrol per barrel. As a result, import premiums increased from $12.15 to $13.5 per barrel, which resulted in the expected increase in petrol prices.

On the other hand, the global marketplace for diesel noticed a lower in charge, which forced Pakistan State Oil (PSO) to keep preserving a regular import premium of $6.50 in line with barrel. As a end result, it is predicted that the charge of excessive-speed diesel will decrease from Rs 1.30 to Rs 2.50 according to litre.

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Officials report that diesel expenses dropped with the aid of 60 cents to $98.4 in line with barrel, petrol expenses improved by $4 to $94.5 consistent with the barrel. The 15-day-old government decision is still in force, keeping the price of petrol at Rs. 279.75 per litre and lowering the price of diesel by Rs. 1.77 to Rs. 285.56 per litre.