By The federal government of Pakistan has once again announced a revision in the petrol price, triggering a fresh wave of concern among citizens. With this latest increase, the price of petrol has soared to Rs. 293.94 per liter, up from the previous rate of Rs. 289.41. Similarly, the price of diesel has also experienced a notable hike, reaching Rs. 290.38 from its previous price of Rs. 282.84 per liter. These new prices are set to take effect from April 16, 2024, for the next fortnight.
Media reports had earlier hinted at an impending rise in fuel prices, citing factors such as fluctuations in the global market and the recent tensions between Iran and Israel. Despite some minor improvements in exchange rates and a slight decrease in import premiums, the upward trajectory in fuel prices remains unabated. Prior to this latest escalation, both petrol and high-speed diesel prices had surged by $4 and $4.50 per barrel, respectively, over the past fortnight.
On Monday, the federal government officially announced the hike in petrol prices by Rs. 4.53 per liter, pushing the new rate to Rs. 293.94. Simultaneously, the price of high-speed diesel (HSD) witnessed a substantial increase of Rs. 8.14 per liter, bringing it to Rs. 290.38.
This latest adjustment follows the previous revision, wherein the government raised petrol prices by Rs. 9.66 per liter, while concurrently reducing diesel prices by Rs. 3.32 per liter.
As citizens brace themselves for the impact of these heightened fuel prices on their daily lives, the government faces mounting pressure to address concerns regarding affordability and economic stability. The fluctuating fuel prices underscore the intricate interplay between global geopolitics, market dynamics, and domestic policies, highlighting the need for proactive measures to mitigate the impact on consumers and the economy alike.
