Pakistan hikes petrol price by Rs8.36 per liter till next fortnight
The new prices of petroleum products became effective from July 1. As per the notification, the price of petrol has surged from Rs258.43 to Rs266.79 per liter while the price of HSD has increased from Rs262.59 to Rs272.98 per liter after the hike.
'The Government has decided to revise the prices of petroleum products for the fortnight starting today, based on the recommendations of OGRA & the relevant Ministries,' the notification said.
The government did not provide a specific explanation for the hike, however, fuel prices in Pakistan are generally influenced by global oil market trends, currency fluctuations and changes in domestic taxes.
Fuel costs are revised every two weeks and have a direct impact on inflation. Rising fuel prices increase production and transportation costs, leading to higher prices for goods and services across the board in Pakistan, including food and other essential items. This direct relationship is further amplified by the country's dependence on imported fuel.
This is the second consecutive time the government has hiked prices of petroleum products. On June 16, the Finance Division announced increasing fuel prices by raising HSD's rate by Rs7.95 per liter and petrol by Rs4.80 per liter.
The development takes place after Pakistan last week approved a 10 percent increase in natural gas prices for industrial users and power plants from July, in line with reforms mandated by the International Monetary Fund (IMF) to ensure cost recovery and tariff rationalization, the Finance Division said.
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