ISLAMABAD – The outgoing caretaker setup is likely to announce price of petrol and diesel for the second half of February 2024 in light of fluctuations in global market.
As Inflation-weary citizens are expecting another sigh of relief, the government has no major relief to pass on.
Reports in local media said caretaker government is set to slap another hike from February 16. Price of high-speed diesel (HSD) is said to be increase from Rs8 per litre starting from February 16 while petrol prices may experience slight increase for next two weeks.
Amid escalating tensions in Middle East, global oil surged, raising concerns about further increases in petroleum prices in Pakistan. Brent crude prices also soared by about $1.5 per barrel to $83 since early February.
For Diesel, consumers could see diesel rate hike from current Rs278.96 per litre to Rs286.97 per litre, and petrol prices may also rise slightly by 80 paisas per litre.
The move will further trigger inflation as diesel is widely used in transportation and agriculture.
Light Diesel Oil (LDO), mainly used in industry, could see Rs2.50 per litre increase, reaching Rs169.62 per litre for the upcoming fortnight.
Meanwhile, Oil and Gas Regulatory Authority (OGRA) is yet to finalise recommendations for fuel prices for first half of February, considering tax reforms and estimated fuel consumption and supply costs for Pakistan State Oil (PSO).
