In a recent development, the caretaker government of Pakistan, in a late-night announcement on Friday, implemented a notable increase in petrol prices, effective from the 16th of February 2024. The Ministry of Finance, in collaboration with the Oil and Gas Regulatory Authority (Ogra), released a statement detailing the adjustments to the prices of petroleum products for the upcoming fortnight.
According to the notification, the new price of petrol reflects a significant hike of Rs2.73, bringing the cost to Rs275.65 per litre. This adjustment follows the government’s decision to revise petroleum product prices, responding to the recommendations put forth by Ogra. The move is expected to have implications for consumers and various sectors of the economy.
In addition to the increase in petrol prices, the caretaker government also raised the price of high-speed diesel by Rs8.37 per litre, setting the new rate at Rs287.33 per litre. The adjustment in diesel prices is another factor that will contribute to the overall impact on transportation costs and various industries reliant on diesel fuel.
The Ministry of Finance, in a statement issued late Friday night, highlighted the government’s decision to modify petroleum product prices during the fortnight beginning February 16, 2024. The changes aim to align with the evolving global market dynamics and ensure a sustainable balance in the country’s energy sector.
The increase in petrol and diesel prices is likely to have a cascading effect on consumers, affecting transportation costs and daily commuting expenses. Industries dependent on fuel for operations may face additional financial pressures due to heightened input costs. The government’s decision to implement these changes reflects the ongoing challenges in balancing economic factors amid global uncertainties.
Notably, the notification did not specify any changes in the prices of kerosene oil and light diesel oil. The absence of adjustments in these two categories could bring relief to households and businesses relying on these particular petroleum products.
The recent surge in petrol prices in Pakistan, effective from the 16th of February 2024, underscores the dynamic nature of the country’s energy market. As consumers and industries navigate the impact of these adjustments, vigilance and adaptation to evolving economic conditions will be crucial. The government’s commitment to regular assessments and responsive measures remains pivotal in ensuring a stable and sustainable energy sector for the nation.
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