ISLAMABAD: As part of its fortnightly revision, Pakistan on Saturday hiked the price of petrol by Rs3.72 per litre for the next fortnight, starting from December 1, according to a notification issued by the country’s Finance Division.
The government increased the petrol rate by Rs3.72 and High-Speed Diesel (HSD) price by Rs3.29, bringing the new rates to Rs252.10 and Rs258.38, respectively, according to a notification from the Finance Division.
The new prices come into effect from December 1, 2024.
Earlier this month, the Oil and Gas Regulatory Authority (OGRA) maintained the prices of petroleum products.
International oil prices edged lower on Friday and posted a weekly decline of more than 3%, pressured by easing concern over supply risks and the prospect of increased supply in 2025 even as OPEC+ is expected to extend output cuts.
Brent crude fell 34 cents, or 0.46%, to settle at $72.94 a barrel. US West Texas Intermediate crude futures fell 72 cents, or 1.05%, to settle at $68, from the last close before Thursday’s Thanksgiving holiday.
Pakistan’s fuel rates are determined by a pricing formula approved by the government.
In the fiscal year budget, the government increased the maximum petroleum levy from Rs60 to Rs70 per litre to collect Rs1.28 trillion. The target is nearly Rs150 billion higher than the previous year’s collection of Rs1.019 trillion and exceeds the budget target of Rs869 billion.
The government has imposed about Rs78 per litre tax on petrol and HSD.
