ISLAMABAD: The government on Sunday increased the per liter cost of petrol and high-speed diesel by Rs7.45 and Rs9.56, respectively, after taking credit for reducing petroleum prices by up to Rs35 since taking over following the last review.
Fuel prices are fixed on a fortnightly basis by the Oil and Gas Regulatory Authority (OGRA) in Pakistan, which adjusts them by considering fluctuations in the international energy market and rupee-dollar parity.
This allows the government to pass on the net effect to consumers to finance the country’s fuel imports.
“The prices of petroleum products have seen an increasing trend in the international market during the last fortnight,” said the statement circulated by the finance division, adding that OGRA had worked out the consumer prices accordingly.
“There will be no change in the applicable taxes & duties, which will remain at the existing level,” it added.
With the new surge, the per liter cost of petrol will be Rs265.61, and for high-speed diesel, it will be Rs277.45.
The new prices will be applicable for the next fortnight, starting July 1.
Any upward revision to fuel prices in the country is generally met with public discontent as it contributes to inflationary pressure, raising the overall cost of living.
Pakistan witnessed a 38 percent inflation rate in May 2023, which eased more recently to 11.8 percent last month.