File photo. Asif Hassan—AFP
The federal government, late on Monday, notified the new petroleum prices for the next fortnight, raising the price of petrol by Rs. 4.53/liter in line with an ongoing hike in global oil rates.
According to the notification issued by the Finance Division, the price of petrol has been increased from Rs. 289.41/liter to Rs. 293.94/liter, or Rs. 4.53/liter. Similarly, it said, the price of high-speed diesel (HSD) was increased by Rs. 8.14/liter, from Rs. 282.24/liter to Rs. 290.38/liter. “The prices of petroleum products have seen an increasing trend in the international market during the last fortnight. The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market,” read the notification.
The government also hiked the consumer prices of kerosene oil and light diesel, with the former increased by Rs. 6.69/liter to Rs. 193.8/liter and the latter by Rs. 6.54/liter to Rs. 174.34/liter.
Tensions in the Middle East have hiked global oil prices, with rates in Pakistan posting a similar trajectory. In the last fortnightly review, the government increased the price of petrol by Rs. 9.66, but had reduced the price of high-speed diesel by Rs. 3.32/liter.
The jump in fuel prices is expected to boost the cost of transportation nationwide, which could put inflationary pressure on food prices.