Petrol, diesel prices in Pakistan jacked up

ISLAMABAD: The federal government has increased the petrol price in the country by Rs 7.45 per litre for the next fortnight, ARY News reported on Sunday.

The Finance Division has officially issued a notification, fixing the new price of petrol at Rs265.61 per litre, Rs7.45 up from the previous Rs258.16 per litre, burdening the inflation-hit public.

Similarly, high-speed diesel (HSD) will now be available for Rs277.45 per litre, Rs 9.56 up from the previous rate of Rs 267.89 per litre.

It is pertinent to mention here that petrol prices were expected to increase in Pakistan from July 1 after four consecutive price cuts.

According to sources, petrol is projected to increase by Rs7 per litre and HSD by Rs8 per litre due to higher international market rates.

The international prices for petrol and HSD have risen by $4.4 and $5.5 per barrel, respectively, in the last fortnight.

The hike in petrol prices could lead to domestic price hikes, potentially more significant if the government raises the Petroleum Development Levy (PDL) from the current Rs60 per litre.