The Government of Pakistan has announced an increase in petroleum prices, with the new rates coming into effect from midnight tonight, on March 1.
According to a notification issued by the Petroleum Division, the decision was made on the recommendation of the Oil and Gas Regulatory Authority (OGRA) for the next 15 days.
Petrol price rises in Pakistan
The price of petrol has been increased by Rs8 per litre. With the hike, petrol will now be available at Rs266.17 per litre. This is up from the previous price of Rs258.17.
Similarly, the price of high speed diesel has been raised by Rs5.16 per litre. The new price of high speed diesel stands at Rs280.86 per litre, compared to the earlier rate of Rs275.70 per litre.
The revised prices will remain effective for the next fortnight.
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Prior to this development, it was reported that petroleum prices were expected to climb.
The government earlier implemented comprehensive reforms to improve efficiency and transparency in the petroleum sector.
A track-and-trace system has been introduced to eliminate smuggling at petrol pumps and across the fuel supply chain.
According to a statement issued by Pakistan’s Petroleum Division, the Rahguzar mobile app has been launched to provide information on legal petrol pumps.
Consumers can now identify certified and approved fuel stations through the app. A joint track-and-trace system developed by OGRA and PITB is also ready to monitor oil tankers.
