Petrol Prices Are likely to Increase From March 1

An increase is expected in the petrol and diesel prices in Pakistan for the next fortnight, starting 1 March 2024. The decision comes amid concerns of rising oil prices in the international market as well as revenue shortfalls. Furthermore, a working recommendation has been submitted by the Oil and Gas Regulatory Authority (OGRA) in this regard.

According to several reports, the price of petrol is expected to increase by Rs. 3.50 per litre, while the price of high-speed diesel will likely remain unchanged for the next fortnight. Meanwhile, a Rs. 1.00 per litre increase is expected in the price of kerosene oil and light diesel oil (LDO).

However, these are only a suggestions put forth by the Oil and Gas Regulatory Authority (OGRA) and the final decision regarding petrol and diesel prices will be taken by the Ministry of Finance after consultation with the prime minister based on various factors like global market trends, revenue shortfalls, and impact on consumers.

Earlier, the federal government hiked the price of petrol by Rs. 2.73 per litre and raised the price of high-speed diesel (HSD) by Rs. 8.37 per litre, further burdening the inflation-weary population. The new petrol prices will be announced tomorrow (29 February 2024) by midnight.

Follow INCPAK on Facebook / Twitter / Instagram for updates.