The government announced a price increase for high-speed diesel (HSD) by up to Rs7 per litre, effective from February 1 (today).
The price of petrol has also been raised by Rs1 per litre, with the changes set for the first fortnight of February 2025.
High-speed diesel, which is widely used in agriculture and transport sectors, will see a price hike from Rs 260.95 to Rs 267.95 per litre, reflecting an increase of Rs7.
This hike is expected to have an inflationary impact on the masses, particularly due to higher transport fares. Petrol, which is primarily used in motorbikes and cars and serves as an alternative to CNG – especially in the Punjab province has been raised from Rs256.13 to Rs 257.13 per litre, registering a Rs1 increase.
The rise in petrol prices follows the trend of increased fuel costs, as consumers in Punjab have been turning to imported LNG at CNG stations due to the ongoing ban on using indigenous gas, which has been in place for several years due to the country's gas shortage.
In a statement, the finance ministry said that the Oil & Gas Regulatory Authority (OGRA) had reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market.
It further said that the prices of these products had been fixed for the first fortnight of the current month.
At present, the government is charging a higher rate of petroleum levy (PL) amounting to Rs 60 per litre each on petrol and diesel in a bid to collect more revenue from the oil consumers.
The OGREA has announced revised prices for LPG for February 2025, reflecting an increase in both producer and consumer rates of LPG.
According to the latest notification, the LPG producer price has been set at Rs212,672.54 per ton or Rs2,509.54 per 11.8 kg cylinder, marking an increase of Rs3,688.11 per ton and Rs43.52 per cylinder compared to January 2025.
Similarly, the LPG consumer price has been revised to Rs253,972.54 per ton or Rs2,996.88 per 11.8 kg cylinder, reflecting the same increase of Rs3,688.11 per ton and Rs43.52 per cylinder from the previous month.
The Ogra said that the LPG producer price is linked with Saudi Aramco-CP and the US dollar exchange rate. As compared to the previous month Saudi Aramco-CP has increased by 1.6%.
The average exchange rate of the dollar has slightly increased by 0.19% resulting in to increase in LPG consumer price by Rs43.52/11.8 kg cylinder (1.47%). The per kg increase in LPG consumer price is Rs3.68
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ