Pakistan government has increased the price of petrol by up to Rs9.66 per liter for the next 15 days effective from April 1, 2024, days before Eid.
This sudden hike in fuel prices adds to the financial strain already felt by many during the holiday season.
The petrol price has been increased to Rs289.41 per liter for the next fortnight from Rs279.75 to Rs289.41 per liter. However, the fuel will be available in the retail market for at least Rs290 per liter.
| Product | Existing prices (since March 16, 2024) | New prices (from April 1, 2024) | Change |
| Petrol | Rs279.75 | Rs289.41 | +9.66 |
| Diesel | Rs285.56 | Rs282.24 | -3.32 |
The notification issued by the Finance Division said the move was taken due to the surging price of petrol in the global market. After the revisions, the new price of petrol is Rs289.41 per liter while the price of HSD is Rs282.24 per liter. Meanwhile, the price of high speed diesel (HSD), however, has been slashed by Rs3.32 per liter.
“The price of petrol (Motor Gasoline) has increased in the international market during the last fortnight, while the price of HSD has marginally declined,” the notification read. “The government has accordingly decided to revise the existing consumer prices of petroleum products.”
The notification said the price adjustments are in line with the government’s policy of passing on price variations in the international market to the domestic one. “The consumer price of HSD has accordingly been decreased once again, after a downward revision in the middle of March 2024,” it said.
Currently, the Pakistan government charges approximately Rs82 per liter in taxes on both petrol and High-Speed Diesel (HSD). Despite a zero General Sales Tax (GST) on all petroleum products, there is a Rs60 per liter Petroleum Development Levy (PDL) levied on both petrol and HSD. Additionally, the government imposes customs duties of approximately Rs19-20 per liter on petrol and HSD, according to a report published in Dawn newspaper.
The price hike comes as Prime Minister Shehbaz Sharif’s government seeks a fresh long-term financial bailout from the International Monetary Fund (IMF).