Islamabad [Pakistan], November 1 : Pakistan's federal government has announced a hike in petrol prices by Rs 1.35 per litre, effective from today, for the next fortnight, according to a report by The News International.
This change is in line with the fluctuations in the international market. The new price of petrol now stands at Rs 248.38 per litre, up from Rs 247.03 per litre, according to a notification issued by the Finance Division.
The Finance Division in a statement issued late Thursday said, "The Oil [and] Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on the price variation in the international market."
Notably, the price of high-speed diesel (HSD) was also increased by Rs 3.85 per litre. The new price now stands at Rs 255.14 per litre, up from Rs 251.29 per litre.
Meanwhile, prices of several other petroleum products have been reduced. The new price of kerosene will be Rs 161.54, down by Rs 1.48 from Rs 163.02 per litre. Likewise, the price of light-diesel oil has been reduced by Rs2.61 from Rs 150.12 to Rs 147.51 per litre, The News International reported.
Petroleum prices for Pakistan are primarily influenced by the escalating international prices linked to the ongoing crisis in the Middle East. Due to high smuggling and illegal trade, the country continues to suffer, and is dependent on international players for its energy security.
Earlier, on October 1, the government had cut the price of petrol by Rs 2.07 per litre for the next fortnight, bringing the rates down from Rs 249.10 to Rs 247.03 per litre. Oil and Gas are major components of Pakistan's energy mix meeting over 79 per cent of energy needs.
The rise in prices is set to significantly impact the middle and lower classes of the country. The country, which is already reeling under the pressures brought by climate change, hike in prices and volatility in international markets is set to see increased economic stress upon the citizens.