Petrol Price
289.42 (Per Litre)
Diesel Price
282.24 (Per Litre)
Govt increases petrol price, decreases diesel price inconsistently
jolt to inflation masses as Prime Minister Shehbaz Sharif led government on Sunday decided to jack up price by Rs9.66 for the upcoming 15 days.
The finance ministry, in a notification, stated that due to fluctuations in global oil prices, the Government of Pakistan has decided to increase consumer prices, effective from April 1, 2024.
However, the government strangely decided to slash diesel price by Rs3.32 per litre.
An increase in petroleum product prices will be applied from 12 o’clock tonight until April 15, creating confusion among consumers.
Following the significant increase, the new price of petrol will be Rs289.41 per litre and Rs282.24 per litre for HSD.
On March 15, the government decided to keep petrol prices unchanged for the next 15 days, causing uncertainty among the public.
Citing insider information, it was revealed that recent geopolitical tensions led to a $4 surge per barrel in petrol import costs, with import premiums climbing from $12.15 to $13.5 per barrel, impacting expected petrol price hikes.
Conversely, diesel prices experienced confusing patterns in the global market, leading Pakistan State Oil (PSO) to maintain a steady import premium of $6.50 per barrel. Expected fluctuations in high-speed diesel prices range from Rs1.30 to Rs 2.50 per litre, adding to the confusion.
Overall, recent calculations indicate a $4 increase in petrol prices to $94.5 per barrel, while diesel prices inexplicably dipped by 60 cents to $98.4 per barrel.
The government’s perplexing decision from 15 days ago remains in effect, keeping petrol at Rs279.75 per litre and reducing diesel prices by Rs1.77 to Rs 285.56 per litre.
