Govt Announces Sharp Increase in Petrol and High-Speed Diesel Prices

ISLAMABAD: The government on Friday once again increased the prices of petroleum products, petrol, and diesel. 

Following the increase, the price of petrol stands at Rs 414.78 per litre and HSD at Rs 414.58.

The Petroleum Division’s press release notifying the increase said the new prices would be effective from May 9.

Petrol is mostly used in private transport, small vehicles, rickshaws, and two-wheelers, and has a direct bearing on the budget of the middle and lower-middle classes. High-speed diesel is mainly used in the heavy transport sector and for large generators.

Earlier this month, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4. However, a few days later, the prime minister, in a televised address, announced a Rs80 per litre reduction in the petroleum levy on petrol, bringing its price down to Rs378 per litre.

Last week, the government again increased the prices of both high-speed diesel (HSD) and petrol by Rs26.77 per litre despite no corresponding increase in international rates, as it imposed nearly Rs27 per litre additional levy on fuel to push prices higher.

Just a week later, it again raised petroleum product prices, bringing them close to Rs400 per litre.