File photo. Asif Hassan—AFP
The interim government on Wednesday increased the prices of nearly all fuel products for the next fortnight, with petrol to now cost Rs. 272.89/liter in line with recommendations of the Oil and Gas Regulatory Authority (OGRA).
Going into effect from midnight at Feb. 1, the latest price hikes comes amidst ongoing tensions in the Middle East and impacted shipping lanes in the Red Sea, which observers have warned could trigger further fuel prices hikes in the coming months.
“The Government of Pakistan has decided to bring changes in the current prices of petroleum products during the fortnight starting from [Feb. 1, 2024], as recommended by OGRA,” read a statement issued by the Finance Division announcing the new rates.
It said the petrol price was increased from Rs. 259.34/liter to Rs. 272.89/liter, a hike of Rs. 13.55/liter. At the same time, the price of high-speed diesel was increased by Rs. 2.75/liter from Rs. 276.21/liter to Rs. 278.96/liter. The price of kerosene, meanwhile, has been decreased to Rs. 186.62/liter, a reduction of Rs. 0.24/liter, and light-speed diesel has been increased to by Rs. 2.03/liter to Rs. 166.86/liter.