Starting from February 16, 2024, there have been adjustments in the prices of petroleum products in Pakistan. The outgoing caretaker government, by the recommendations of the Oil and Gas Regulatory Authority (OGRA), has raised the price of petrol by Rs2.73 per liter, setting it at Rs275.62 per liter for the upcoming two weeks. Additionally, the price of high-speed diesel has seen an increase of Rs8.37 per liter, now standing at Rs287.33 per liter.
The reason behind the Increase in Petrol Price
The Finance Division issued a statement announcing these changes, effective from midnight on February 16, and they will remain enforced until February 29. The escalation in petrol and high-speed diesel prices was anticipated following adjustments in the exchange rate. Official sources attribute the significant hike in fuel prices to the situation in the Red Sea, where the movement of oil vessels and other ships is being hindered by attacks from the Houthis. It is noteworthy that last month, amid tensions in the Middle East due to ongoing conflicts, the caretaker government had already raised the petrol price by Rs13.55 per liter, citing the conflict between Israel and Gaza as a contributing factor.
New Petrol Rate in Pakistan Today
- The Petrol Prices and the prices of diesel have increased by Rs8.37 per liter.
- The existing price of petrol was Rs 272.89 but the new price of Petrol is Rs275.62 so the price was increased by Rs 2.73.
- The Existing Price of Diesel was Rs 278.96 but the new Price of Diesel is Rs 287.33 so the price was increased by Rs 8.37.
The price of petrol in Pakistan has been on a constant rise since the beginning of this year due to the devaluation of the Pakistani Rupee against the US Dollar. The increase in fuel prices has not only affected the daily commute of individuals but has also increased the prices of essential goods and services. The increase in fuel prices has also been a result of the increase in taxes imposed by the government. In the past few years, the government has heavily relied on increasing fuel taxes to meet its revenue targets, which has ultimately burdened the common man.
Conclusion
In conclusion, the increase in the price of petrol in Pakistan has created a sense of panic and distress among the public. The government needs to take urgent measures to control the inflation rate and provide relief to its citizens, especially the middle and lower-income groups. It must also look into alternative sources of energy and reduce the country’s dependency on imported oil to minimize the impact of global oil prices on the local market. Only then can Pakistan tackle this ongoing issue and provide some respite to its people.
