Govt expected to increase petrol price by Rs3.5 for first half of March

In a possible move that could impact consumers, the government is considering a hike in petrol prices by Rs3.5 per litre for the initial half of March 2024.

As of the latest estimates until February 27, 2024, the ex-refinery price of petroleum has seen a noticeable rise, reaching Rs195.75 per litre. This reflects an increase of approximately Rs3.58 compared to the preceding fortnight’s price of Rs192.17 per litre.

Contrary to petrol, there might be no significant adjustment in the price of high-speed diesel (HSD), with the government likely to maintain the current rate due to marginal changes in its pricing structure.

The national currency has experienced a modest appreciation against the USD since the previous fortnight’s decision, settling at a weighted average rate of approximately PKR 279.37 per USD.

It is crucial to highlight that, with two more sessions pending before the next pricing update, the final prices will be subject to global market fluctuations and exchange rate variations.

The official announcement revealing the new prices is scheduled for midnight on February 29, 2024. If approved, these adjustments will remain effective for the first half of March.