Islamabad: The government has once again slightly increased the prices of petroleum products. These new prices have been determined for August 26 and 27. The price of both petrol and diesel has increased by more than one rupee per litre.
The price of petrol has been hiked by one rupee and 12 paise per litre, according to a notification issued by the Petroleum Division. However, the new amount of petrol price is Rs 343.10 per litre after the hike.
The cost of high-speed diesel has also been hiked up by 1 rupee and 11 paise per litre. These rates will now be applicable for diesel, which would be sold at Rs 371.80 per litre, according to the new price.
The new prices will be effective from Aug 26 at midnight, and these rates will be valid until Aug 27, said the government in a notification. After the latest decision, consumers are facing continuous changes in fuel prices in a short period of time.
The government had the same price hike for petrol and diesel the day before for the next day, on August 25. The price of petrol was hiked by 39 paise to Rs 341.98 and of HSD to Rs 370.69 per litre at the time, respectively.
These were the costs at which petrol was sold at Rs 341.59 per litre and HSD at Rs 368.29 per litre earlier in the week from August 22 to August 24. In this phase, the price of petrol was increased by Rs 3.81, while the price of diesel was increased by Rs 3.59.
In recent times, the government has made changes in petroleum prices at short intervals in view of the prices of crude oil in the global market and other related factors.
On the other hand, the government is also working on long-term measures in the energy sector. The Ministry of Petroleum announced on August 25 to launch a feasibility study for the establishment of strategic petroleum reserves in Pakistan. International energy consultancy Wood Mackenzie has been selected for the study after a competitive process. According to the government, the aim of this measure is to strengthen the country’s energy security and reserves against external supply shocks.
After the recent hike, the price of petrol has crossed the level of Rs 343, and the price of diesel has crossed the level of Rs 371 per litre, which is also likely to impact the cost of transport and other sectors.
