ISLAMABAD: The federal government on Tuesday increased the prices of petroleum products by up to Rs12 per litre effective from February 16.
According to the notification issued by the finance ministry, the ruling Pakistan Tehreek-e-Insaf (PTI) government has increased petrol price by Rs12.03 per litre, high-speed diesel by Rs9.53 per litre and the price of light diesel was jacked up by Rs9.43.
The price of Kerosene oil also increased by Rs10.08 per litre, according to the notification.After the increase, the new price of petrol is fixed at Rs159.86 per litre, HSD Rs154.15. The price of Kerosene oil increased from Rs115 to Rs126.56 and light diesel oil from Rs114.54 to Rs123.97.
The new prices will come into effect from Wednesday midnight (February 16) for the upcoming 15 days.
The government’s decision to set the price of gasoline at 12 rubles per liter represents a major step toward stabilizing the local energy industry.
This decision is a part of a bigger strategy to ensure customer affordability and decrease the detrimental economic effects of fluctuations in the price of oil around the world.
The decision to cap gas prices was made following months of rising prices that put pressure on businesses and consumers alike. Global oil prices are very volatile due to a number of variables, including supply chain interruptions, geopolitical tensions, and production cuts by the major oil-producing nations. In response, the government intervened to control domestic gas prices in an effort to rescue its citizens and economy.
Officials claim that the fixed price of 12 rubles a liter aims to balance customer affordability with the long-term viability of the local oil industry.
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