August 01, 2023 (MLN): The federal government on Tuesday hiked the petrol prices by Rs19.95 to Rs272.95 per litre amidst increasing the price of oil in the international market, Federal Minister for Finance and Revenue Senator Ishaq Dar informed through a televised message.
Similarly, the price of High-Speed Diesel (HSD) has increased by Rs19.9 to Rs273.4 per litre.
In the current fortnight, petroleum product prices in the international market have increased substantially. MS (Petrol) price has increased from $89.14 per barrel on 16th July 2023 to $97.39 on 31st July 2023, whereas, HSD price has increased from $96.26 to $111.46, he added.
The cost of petroleum products in Pakistan is directly linked to the international prices of these products. Therefore, the increase in domestic prices is inevitable and beyond the control of the government.
The new prices came into effect right after the announcement for the next fortnightly.
To note, on July 15, the federal government decided to reduce the price of petrol by Rs9 per litre, and HSD by Rs7 per litre.
