Pakistan govt raises petrol, diesel due to global market pressures

The Pakistani government has announced significant increases in petrol and high-speed diesel (HSD) prices, citing fluctuations in international markets as the reason behind the hikes, Dawn reported.

According to a notification from the Finance Division, petrol prices surged by PKR 9.99 per litre, reaching PKR 275.6/ltr, while HSD saw a rise of PKR 6.18/ltr, settling at PKR 283.63/ltr for the upcoming fortnight. The adjustment, it clarified, was necessary due to recent price variations in global oil markets.

Importantly, the government emphasised that there would be no changes to the current levels of applicable duties and taxes, maintaining them at their existing rates despite the price increases.

Sources revealed that international market prices for petrol and HSD had climbed by approximately USD 4.4 and USD 2 per barrel, respectively, over the last two weeks, prompting the adjustments, as reported by Dawn.

In anticipation of higher global oil prices, analysts had forecast increases exceeding PKR 7.60 and PKR 3.50 per litre for petrol and HSD, respectively. Import premiums during the period remained unchanged at USD 9.60 and USD 6.50 per barrel for petrol and HSD, respectively, while the Pakistani Rupee depreciated by about 17 paise against the dollar over the same fortnight. (ANI)

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