Pakistan to increase petrol price from March 1- Oil and Gas Regulatory Authority (OGRA) has submitted a working paper to the government, suggesting an increase in petroleum product prices. This proposal arises due to concerns about rising global oil prices and potential revenue shortfalls.
According to sources, OGRA has recommended a Rs 3.44 per liter hike for petrol. This would raise the ex-refinery price from Rs 192.17 per liter to Rs 195.61 per liter.
Petrol prices likely go up from March 1
For March 2024, the federal government is anticipated to raise petrol and diesel prices in alignment with increasing international prices. The outgoing caretaker setup is likely to increase petrol prices by Rs 4 per liter and diesel prices by up to Rs 1.5 per liter, considering import rates and exchange rates.
The proposal also includes a potential Rs 1 per liter increase for diesel, raising the ex-refinery price from Rs 206.75 per liter to Rs 207.75 per liter. Pakistan to increase petrol price from March 1, Kerosene prices may also rise by Rs 1 per liter, with the ex-refinery price potentially increasing from Rs 177.70 per liter to Rs 178.52 per liter.
Petrol price in Pakistan – Expected petrol rates from March 1
If approved by the government, the new prices for petrol and diesel from March 1, 2024, would be Rs 279.62 per liter and Rs 288.83 per liter, respectively.
However, OGRA has suggested a decrease in the price of light diesel oil (LDO), without specifying the amount.
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It’s important to note that these are just recommendations, and the final decision on price adjustments rests with the Ministry of Finance. The ministry will consider various factors, including global market trends, revenue requirements, and potential impacts on consumers, before making a final decision.