In a recent announcement on March 31, 2024, the federal government of Pakistan revealed an increase in the petrol price by Rs9.66 per litre, which will come into effect on April 1, 2024. This decision, based on the advice of the Oil & Gas Regulatory Authority (Ogra), is expected to have a significant impact on the cost of living for the people of Pakistan.
Petrol, a widely used fuel for motorbikes and cars in Pakistan, especially in regions like Punjab where CNG retail outlets do not have indigenous gas, will now be priced at Rs289.41 per litre. The hike in petrol prices is linked to the rise in the premium from $12.15/barrel to $13.507/barrel, representing a $1.45/barrel increase.
Conversely, the government has also decided to decrease the tariff of high-speed diesel (HSD) by Rs3.32 per litre. HSD, predominantly utilized in the agriculture and transport sectors of Pakistan, will now be sold at Rs282.24 per litre.
The decrease in HSD price aims to alleviate inflation to some extent, providing relief to sectors dependent on diesel. These adjustments in petrol and HSD prices reflect the government's efforts to manage fluctuations in global oil prices and maintain stability in the domestic market of Pakistan.
The revised prices of petroleum products will take effect at 12:00 am and will remain valid for the next 15 days, giving consumers and businesses in Pakistan a clear idea of fuel costs in the near future. The government’s decision on petrol and diesel prices for Pakistan today in 2024 reflects the ongoing efforts to balance the impact on the economy and daily lives of the citizens.