Islamabad, April 16, 2024 – The federal government of Pakistan has announced a significant increase in the prices of petrol and high-speed diesel (HSD) effective from Monday, citing fluctuations in global oil prices.
According to the latest notification, the price of petrol has been raised by Rs4.53 per litre, bringing it to Rs293.94 per litre, up from its previous rate of Rs289.41 per litre. Similarly, the price of high-speed diesel (HSD) has surged by Rs8.14 per litre, reaching Rs290.38 per litre compared to its earlier price of Rs282.24 per litre.
The decision to hike fuel prices comes amidst a noticeable uptick in oil prices on the international market over the past fortnight. The finance ministry has defended the move, attributing it to the prevailing global trends in oil pricing.
This increase marks another adjustment in fuel prices by the Pakistani government as it continues to grapple with the challenge of aligning domestic rates with global market fluctuations. Such adjustments have become routine in recent times, reflecting the government’s efforts to maintain a balance between meeting domestic energy needs and managing fiscal concerns.
While the rise in fuel prices may pose a burden on consumers and various sectors of the economy, including transportation and manufacturing, it is seen as necessary to mitigate the impact of rising global oil prices on the country’s economy.
This development is likely to draw mixed reactions from the public, with concerns over the potential inflationary effects of higher fuel prices juxtaposed against the need to ensure the sustainability of the energy sector in the face of global market dynamics.
As Pakistan navigates through these economic challenges, attention remains focused on government policies aimed at stabilizing energy prices and fostering sustainable economic growth in the long term.