Petrol prices likely to be increased by Rs.4.50 per liter in March

ISLAMABAD: Following the recent hike in electricity rates, the government gears up for an increase in petrol prices for the first half of March 2024 adding to the woos of cash strapped public.

According to insider sources familiar with the matter, all necessary preparations for the impending petrol prices revision have been completed, paving the way for changes set to come into effect from March 1.

The proposed adjustments entail a substantial hike in petrol prices, estimated to surge by Rs 4.50 per liter. Similarly, diesel prices are anticipated to witness an upward adjustment of Rs 2.50 per liter.

If the new increase is implemented that means the petrol price will jump from Rs 272.62 to Rs 277.12 and diesel price from Rs 287.33 to Rs 289.83.

Global oil prices extend losses

Furthermore, the proposal includes a potential increase in the cost of kerosene, with projections suggesting a rise of Rs 2.92 per liter.

However, the price of light diesel oil is expected to remain the same, offering some respite amidst the overall escalation.

Oil and Gas Regulatory Authority (OGRA), which is tasked with formulating and forwarding a formal proposal for price adjustments to the Ministry of Petroleum, will submit the proposal on February 29.

Once received, the Ministry of Petroleum will collaborate with the Finance Minister to finalize the new price structure through consultations with the Prime Minister.

Subsequently, the revised petrol prices will be officially announced, with the effective period spanning from March 1 to 15.