Govt increases petrol, high-speed diesel prices by Rs26.77 per litre

Islamabad (Web Desk): The government on Friday raised the prices of petrol and high-speed diesel (HSD) by Rs26.77 per litre each.

After this adjustment, petrol is now being sold at Rs393.35 per litre, while HSD has reached Rs380.19 per litre.

The change was announced through an official statement issued by the Petroleum Division, which confirmed that the new rates would take effect for the week starting April 25.

The government has been reviewing and updating fuel prices every Friday night since the now-paused US-Israeli conflict with Iran began on February 28.

The conflict disrupted global energy markets, particularly after the closure of the Strait of Hormuz, a key route that normally carries about one-fifth of the world’s oil and gas supply.
Soon after the conflict started, fuel prices were raised by Rs55 per litre on March 6, followed by the announcement of strict austerity steps on March 9.

In the weeks that followed, Prime Minister Shehbaz Sharif said he had declined proposals to increase fuel prices on three different occasions, despite rising international market rates.

However, on April 2, Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb introduced a major increase, pushing petrol prices up by 43 percent and diesel prices by 55 percent. At the same time, they also announced a targeted subsidy programme for fuel.

A day later, PM Shehbaz reduced the petroleum levy by Rs80 per litre, which brought the petrol price down to Rs378 per litre.

Further adjustments were made on April 10, when diesel prices were cut by Rs135 per litre and petrol prices by Rs12 per litre.

Last week, the prime minister approved another reduction of Rs32.12 per litre in diesel prices, while petrol prices remained unchanged.