Government Announces Major Hike in Petroleum Prices, Petrol Up Rs5.58, Diesel Rs4.18
ISLAMABAD – The government has announced another increase in the prices of petroleum products, with the Oil and Gas Regulatory Authority (OGRA) issuing a notification for revised rates effective from midnight tonight .
According to the notification issued by the Petroleum Division, the price of petrol has been increased by Rs5.58 per litre, while high-speed diesel (HSD) has been raised by Rs4.18 per litre .
Following the latest revision, the new price of petrol has been fixed at Rs364.35 per litre, while diesel will now cost Rs385.95 per litre .
The new prices will take effect from 12:00 midnight tonight .
It is noteworthy that the government had already raised petrol prices by Rs12.90 per litre and diesel by Rs3.72 per litre just a day earlier, on September 8 . The back-to-back increases come amid heightened volatility in global oil markets following renewed hostilities in the Middle East .
The government recently shifted to a daily petroleum pricing mechanism aimed at reflecting fluctuations in international oil prices more quickly, with OGRA now authorized to announce daily fuel prices without seeking prior approval from the Prime Minister or the federal cabinet .
