In a surprising move, the interim government of Pakistan, led by Prime Minister Anwaarul Haq Kakar, announced a significant increase in petrol prices just days before their term ends. The price of petrol has been raised by Rs4.13 per litre, while the cost of high-speed diesel remains unchanged for the next two weeks.
The Finance Ministry issued a notification stating that the consumer prices will be revised as part of the fortnightly review of petroleum products. This decision, effective from March 1, 2024, is based on the recommendations of the Oil & Gas Regulatory Authority (OGRA).
The new pricing policy will be implemented from midnight tonight and will remain in effect until March 15. As a result of this increase, the revised price of petrol stands at Rs279.75 per litre, and high-speed diesel is priced at Rs287.33 per litre.
This price hike marks the third consecutive increase implemented by the caretaker administration, signalling the end of their tenure. The elected prime minister is set to take office by the end of the week, bringing an end to the longest stint of a caretaker government in the country’s history.
The latest price hike was anticipated due to a surge in global oil prices, driven by a rebound in demand and ongoing tensions in the Middle East. This development underscores the volatile nature of the global oil market and its impact on domestic fuel prices.
