As Eid ul Fitr approaches, petrol prices jump by Rs9.66 per litre

Eid ul Fitr petrol prices, After the international crude oil prices surged as much as they did in the past few months, the price of petrol per litre for the next 15 days has been jacked up by Rs9.66 per litre.

A reduction of Rs3.32 per litre has been brought about in the price of high-speed diesel (HSD).

On Sunday, the Finance Division informed the public that the new fuel prices will be effective from April 1 as per a notification released on Sunday.

In the notification, the company said that the prices of petrol (motor gasoline) and hemp seed oil (HSD) have increased in the international market over the last fortnight, while the prices of their other products have decreased marginally.

As per the statement, the price adjustments are in line with the government’s policy of passing on the price variations of international markets to its domestic markets as a result of the price variations on the international markets. After a downward revision was made in the middle of March, 2024, it has been decided to lower the consumer price of HSD once again.”

Depending on the movements of world oil prices and the exchange rate of the local currency, the government reviews and makes adjustments to the fuel prices every 15 days. After the last price revision, the rupee has gained slightly against the dollar and is currently trading at around 277.94 per dollar, indicating some appreciation from last week.

A new increase in fuel prices was announced following the last fortnightly review that the Shehbaz Sharif-led government undertook after coming to power at the beginning of this month, when the price of petrol was kept unchanged. A revision of Rs1.77 per litre in the HSD price was made by the government.

A balance of payment crisis and soaring inflation have been the primary challenges facing Pakistan, which imports nearly 85% of its oil needs.

In the country, where the sale of petroleum products declined by 19% year-on-year in February, a result of the higher fuel prices, will have a knock-on effect on the cost of living and the cost of transportation in the country. During the economic slowdown, consumers cut back on their spending as a result of the slowdown in the economy, which resulted in a decrease in gasoline and diesel sales. It is a government policy that the government charges a petroleum development levy (PDL) of Rs60 per litre for both gasoline and high-speed diesel.

Timenews1 provided that news.