Govt hikes petrol price by Rs13.55 per litre

The caretaker government on Wednesday has raised the petrol price by Rs13.55 per litre for the upcoming fortnight.

Petrol’s new cost is Rs272.89 per litre, up from the former price of Rs259.34, as per the Finance Division’s notice.

High-speed diesel (HSD) has also seen a price rise of Rs2.75, now at Rs278.96 per litre.

The notification made no mention of any price adjustments for light-diesel oil (LDO) or kerosene oil.

The increase in petrol prices has exceeded earlier expectations. Initially, it was predicted that petrol and HSD would rise by Rs 5-9 per litre over the next two weeks due to higher international prices and import costs, despite slight benefits from the exchange rate improvements.

Experts had indicated that the prices for both major petroleum products had seen a rise in the international market during the previous two weeks. Additionally, the Pakistan State Oil (PSO) incurred higher import premiums even though the Pakistani rupee strengthened against the US dollar.

Consequently, the price for HSD was anticipated to climb by Rs 4-6 per litre, and for petrol by Rs 6.5 to 9 per litre, based on the final exchange rate determination. Nonetheless, the prices for kerosene and LDO were projected to stay the same.