Fuel prices jacked up

The federal government on Sunday raised the fuel prices for the next fortnight.

According to a notification issued by the Finance Division, petrol has been increased by Rs4.80 per litre and high-speed diesel (HSD) by Rs7.95 per litre. The hike follows recommendations from the Oil and Gas Regulatory Authority (OGRA) and other relevant ministries.

With the increase, petrol now costs Rs258.43 per litre, up from Rs253.63, while HSD is priced at Rs262.59 per litre, rising from Rs254.64.

The new rates came into effect at midnight on June 16.

The government cited fluctuations in international oil markets and the rupee's exchange rate as key reasons for the adjustment, in line with Pakistan's fortnightly fuel price review mechanism.

Additionally, the government is focusing more on collecting petroleum levy in order to redirect it to subsidize electricity prices.

The government has already decided to increase petroleum levy rate up to Rs90 per litre on the sale of oil products.