ISLAMABAD: Interim government on Thursday announced up to Rs 4.13 per litre price hike in petroleum products for fortnightly starting from March 1, 2024 due to higher premium.
In a late night statement, Finance Division announced to increase ex-depot petrol price by Rs 4.13 per litre, whereas, high speed diesel (HSD) price has been kept unchanged for the fortnight (March 1-15).
The price of petrol has been fixed at Rs 279.75 from Rs 275.62 in last fortnightly review. The price of HSD has been kept unchanged at Rs 287.33 per litre.
In a statement it has been said that the government implemented the recommendations of Oil and Gas Regulatory Authority (OGRA).
Import premium on petrol is estimated at $10.48 per bbl which was recoded at $ 9.43 per bbl in previous fortnight ended on February 29, 2024, whereas the premium on HSD stays at $6.50 per bbl same as in previous review. The government is charging Rs 60 per litre Petroleum Levy at both HSD and petrol.
In the first two months, geopolitical unrest in the Middle East and concerns about declining supplies helped to drive up the price of oil by almost 10 percent.
The government increased fuel prices by Rs8.37 and Rs2.73 per litre for petrol and HSD, respectively, in the previous two weeks in response to a hike in the price of oil throughout the world.
Copyright Business Recorder, 2024
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