ISLAMABAD: The outgoing caretaker government has jacked up the petrol price by Rs2.73 per litre to Rs275.62 per litre for the next fortnight, as recommended by Oil and Gas Regulatory Authority (OGRA).
“Government of Pakistan has decided to bring changes in the current prices of Petroleum products for the fortnight starting from 16th February 2024,” a statement issued by the Finance Division read.
As per the notification, the price of high-speed diesel has also been increased by Rs8.37 per litre to Rs287.33 per litre.
| Products | Existing price | New price | Increase/Decrease |
| Petrol | Rs272.89 | Rs275.62 | +Rs2.73 |
| High Speed Diesel (HSD) | Rs278.96 | Rs287.33 | +Rs8.37 |
The new prices, as recommended by Ogra have taken effect from this midnight (February 16) and will remain in place till February 29.
The increase in prices of petrol and high-speed diesel was expected after the exchange rate adjustment.
According to official sources, the main hike in fuel prices comes in the wake of the alarming situation in the Red Sea where Houthis are attacking and restricting the movement of oil vessels and other ships.
Last month, the caretaker government increased the petrol price by Rs13.55 per litre in the light of ongoing tensions in Middle East as Israel continues to press war on Gaza.
