Govt likely to increase petrol price by Rs3.5 per litre

February 28, 2024 (MLN): The government is likely to hike the price of petrol by Rs3.5 per litre for the first half of March, 2024.

Price estimates till February 27, 2024, indicate the ex-refinery price of petroleum has risen by about Rs3.58, reaching Rs195.75 per litre, as compared to the previous fortnight's price of Rs192.17 per litre.

On the other hand, the government may maintain the price of high-speed diesel (HSD) due to a marginal change in its price.

The local currency has appreciated slightly against the USD since last fortnight's decision, standing at a weighted average rate of around PKR 279.37 per USD.

It is important to note that there are still two more sessions left for the next pricing update; thus, the final prices will depend on global market movements and the exchange rate.

The government will announce the new prices at midnight on February 29, 2024, and they will remain in effect for the first half of March.

To recall, in the last fortnight, the government raised the prices of diesel and petrol by Rs2.73 and Rs8.37 per litre respectively, bringing them to Rs275.62 and Rs287.33 per litre.

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