Pakistan Jacks Up Petrol Prices by Rs 14 and Diesel by Rs 15 — Heavy Burden on Consumers

ISLAMABAD — In a major blow to consumers across Pakistan, the government has jacked up petroleum product prices significantly, with petrol going up by Rs 14 per litre and high-speed diesel (HSD) surging by Rs 15 per litre. The hefty price hike took effect from midnight following the latest fortnightly review conducted by the Ministry of Finance in coordination with the Oil and Gas Regulatory Authority (OGRA).

The steep increase has added to the financial burden on millions of Pakistanis already grappling with inflationary pressures, as fuel prices directly impact transportation costs, food prices, and overall household expenses.

Revised Prices Across the Board

According to the official notification issued by the Finance Division, all petroleum products have seen substantial upward revisions:

• Petrol (MS): Hiked by Rs 14 per litre
• High-Speed Diesel (HSD): Hiked by Rs 15 per litre
• Kerosene Oil: Raised by Rs 10.50 per litre
• Light Diesel Oil (LDO): Raised by Rs 11 per litre

What Triggered the Price Surge?

Official sources attributed the sharp increase to rising international crude oil prices, with Brent crude recording notable gains in global markets over the past two weeks. The depreciation of the Pakistani rupee against the US dollar during the same period further exacerbated the situation, leading to higher import costs.

Pakistan, which fulfills approximately 80 percent of its crude oil requirements through imports, remains highly vulnerable to international price shocks and currency fluctuations. The latest revision reflects the government's policy of passing on global price changes to domestic consumers under the existing fortnightly price adjustment mechanism.

Impact on Common Citizens

The fresh round of fuel price hikes is expected to have a cascading effect on the economy, with transportation costs set to rise immediately, potentially driving up the prices of essential commodities, including food items and vegetables. Ride-hailing services and public transport operators have already signaled possible fare adjustments in the coming days.

Government's Explanation

A spokesperson for the Finance Ministry stated that the upward adjustment was unavoidable due to international market conditions. "The government has simply passed on the increase in global prices. No additional tax or petroleum levy has been imposed beyond what was already applicable," the spokesperson clarified.

The government has assured the public that the prices will be reviewed again after the standard fortnightly period, keeping a close watch on international market trends and currency movements.