LAHORE (Dunya News) - The caretaker government Friday increased prices of petroleum products with Rs2.73 hike in petrol and Rs8.37 in high-speed diesel (HSD) per litre for the next fortnight.
Now, the new prices of petrol are Rs275.65 and diesel Rs287.33 per litre.
In a late-night announcement, the Ministry of Finance said the government has decided to bring changes in the current prices of petroleum products during the fortnight starting from February 16, as recommended by the Oil and Gas Regulatory Authority (Ogra).
The notification did not mention any changes in the prices of kerosene oil and light diesel oil.
The prices of petrol and HSD were estimated to go up by Rs4-11 per litre for the next fortnight owing to higher international prices and import premiums, neutralising an impact of minor exchange rate gain.
Officials said the price of petrol had gone up by about $1.20 per barrel to $89.9 from $88.7 per barrel over the last two weeks while HSD had become costlier by about $3.5 per barrel — to $101.82 from about $98.4.
Meanwhile, the rupee on the other hand gained by about 40 paise against the dollar to Rs279.7 from a little over Rs280 in the first half of February.
However, the premium paid by Pakistan State Oil for securing product cargoes went up slightly for petrol from $9.5 to $9.7 per barrel. It remained unchanged for HSD at $6.5 per barrel.
The government has already achieved Rs60 per litre petroleum levy — the maximum permissible limit under the law — on both petrol and HSD.
It has already collected about Rs475bn in the first half (July-December) although the per litre levy was gradually increased.
Petroleum Prices pic.twitter.com/0znatZDNS5
— Ministry of Finance, Government of Pakistan (@Financegovpk) February 15, 2024