The federal government increased the prices of petrol by Rs3.47 per litre and diesel by Rs2.61 per litre for the fortnight until end-January on the back of rising international oil prices driven by the US sanctions on oil exports to China and India.
According to a notification issued by the finance ministry late on Wednesday night, the price of petrol was increased from Rs252.66 to Rs256.13 per litre and of high-speed diesel from Rs258.34 to Rs260.95 per litre.
"The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products in view of the fluctuations in the international market in the last fortnight," read the official notification. The hike is attributed to rising global prices, driven by the US sanctions on oil exports to China and India.
US President Joe Biden's administration imposed its broadest package of sanctions so far targeting Russia's oil and gas revenues last week. In the wake of these sanctions, the price of crude oil surged past $81 per barrelthe highest since August 2024.
Last time, the government increased the price of petrol by Re0.56 per litre on New Year's Eve for the first fortnight of 2025. The latest prices of petroleum products would take effect immediately and remain enforced until January 31.
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