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- Government increases price after variations in petroleum products’ prices in international market, says Finance Division
- Pakistan revises petroleum prices every fortnight, which is also a key factor in increasing or reducing inflation in the country
ISLAMABAD: Pakistan has increased the price of petrol for the next fortnight by Rs3.72 per liter due to varying prices of petroleum products in the international market, the Finance Division said this week.
Pakistan revises petroleum prices every fortnight. Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
The price of petrol has increased from Rs248.38 per liter to Rs252.10 per liter after the Rs3.72 hike, the Finance Division said.
“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variation in the international market,” it said on Saturday.
According to the notification, the price of high-speed diesel has seen an increase of Rs3.29 per liter, raising its price to Rs258.43 per liter.
Meanwhile, the price of kerosene oil has been reduced by Rs. 0.62 per liter, which means it is now being sold for Rs164.98. The price of light diesel oil has also seen a reduction of Rs0.48 per liter, lowering it to Rs151.73.
Fuel prices in energy-starved Pakistan are instrumental in contributing to inflation. The South Asian country saw inflation reach a record high of 38 percent in May 2023.
Pakistan’s finance ministry said this week that inflation, which was clocked at 7.2 percent in October, is expected to slow to 5.8-6.8 percent in November.