- Web Desk
- 57 Minutes ago
Petrol price hiked by Rs3.47 per litre, diesel up by Rs 2.63
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- Web Desk
- Jan 15, 2025
ISLAMABAD: The government has increased petrol price for the second consecutive time, citing rising costs in the international market.
According to a notification released by the Finance Division, petrol price per litre has been raised by Rs3.47 per litre, while the price of high-speed diesel (HSD) has been increased by Rs2.63 per litre. The new rates will take effect from midnight.
Following this increase, petrol will now be available at Rs256.13 per litre, while HSD will be sold at Rs260.95 per litre.
Earlier, several reports in media suggested that due to higher global prices, the government may hike petrol price per litre by up to Rs6.
On the new year eve, the government raised petrol prices by Rs0.56 per litre, setting the new price at Rs 252.66 per litre. Diesel prices had also been increased by Rs2.96 per litre, reaching Rs258.34 per litre for the first half of January.
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In December, Pakistan’s oil sales took a bit of a hit, dropping by 19 per cent compared to the previous month. However, when looking at the year as a whole, there was a slight 3 per cent increase, with total sales reaching 1.28 million tonnes.
Over the first half of the financial year 2025 (1HFY25), sales actually saw a 4 per cent rise, totalling 8 million tonnes, compared to 7.68 million tonnes in the same period last year.
Arif Habib Ltd (AHL) noted that overall petroleum product sales grew by 2 per cent throughout 2024, hitting 15.62 million tonnes.
Petrol sales in December, however, didn’t follow the same trend, falling by 15 per cent from November and slipping 1 per cent compared to last year, totalling 0.57 million tonnes. Still, for the first half of FY25, petrol sales managed to grow by 5 per cent, reaching 3.75 million tonnes.
HSD sales faced an even sharper drop in December, falling 27 per cent from the previous month. But when comparing year-on-year, sales rose by 12 per cent, amounting to 0.57 million tonnes.
On the other hand, furnace oil sales saw a bit of a rebound, rising 12 per cent month-on-month in December, although they were still 48 per cent lower than in the same month last year, with total sales at 0.04 million tonnes.