In a significant development, the federal government has approved the decrease in petrol prices by Rs0.50 per litre for the next fortnight starting from March 1,2025.
Alongside, the price of High-Speed Diesel has been decreased by Rs5.31 per litre making its current cost at Rs258.64. Previously, the price of diesel stood at Rs263.95
Likewise, the price of Superior Kerosene Oil (SKO) has been decreased by Rs3.53 per litre making its current price stand at Rs168.12.
The current petrol price now stands at Rs255.63 which came down from previous Rs256.13.
Earlier Petrol Price predictions
Prior to this notification issued by the Oil & Gas Regulatory Authority (OGRA), multiple media reports predicted that the government could increase the petroleum products prices. It should be highlighted that reports predicted a hike in petrol costs locally despite a nearly 3 percent decrease in global oil prices.
The reason behind the uptick in petrol’s cost hike was cited as depreciation of Pakistani Rupee (PKR) against the United States Dollar (USD).
Traditionally, the petrol prices in Pakistan are subject to change in Brent crude oil prices and PKR-USD exchange rate. Fluctuation in petrol costs have a significant impact on the public and overall economy.
Petrol prices are usually changed every 15 days; however, this month the government issued its petroleum prices notification after 13 days due to shorter month of February.
The hike in petrol prices negatively affects the common citizens as their daily commutes become expensive. The petrol prices also affect the charges of private and public transport.
In 2023, Pakistan witnessed the highest petrol price of Rs331.38 per litre leading to increased inflation and immense burden on common citizens.
