Petrol price in Pakistan raised by Rs13.55 per litre

Government also raises price of liquefied petroleum gas (LPG) by Rs 1.16 per kilogram for the next fortnight
An undated image of a petrol pump. — Unsplash
An undated image of a petrol pump. — Unsplash

The caretaker government raised the prices of petrol by Rs 13.55 per litre, and that of high-speed diesel (HSD) by Rs 2.75 for the next fortnight ending February 15 as the international observed an increase in petroleum products.

Increased on the recommendation of the Oil and Gas Regulatory Authority (Ogra) — the regulatory body of the country — the updated prices of petroleum products came into effect today (February 1, 2024), according to the Ministry of Finance.

Similarly, the government has also raised the price of liquefied petroleum gas (LPG) by Rs 1.16 per kilogram for February.

With the aforementioned price hikes, the new ex-depot price of petrol is now Rs 272.89 per litre, up 5% from Rs 260.15 per litre, and that of high-speed diesel is Rs 278.96 per litre, up 1% from the previous rate.

However, the retail rate of these petroleum products will be slightly more than the ex-depot price. 

The government has not released the prices for kerosene and light diesel oil (LDO). According to an official, the prices of petrol and HSD have increased in the international market in the last two weeks, leading to higher import premiums for Pakistan State Oil (PSO), despite the rupee gaining against the US dollar. 

The price of petrol has decreased by approximately $3 per barrel to $86.5 per barrel, while the price of HSD has risen by about $1.85 per barrel to $97.5.