The price of petrol was raised by the government on Wednesday by Rs2.07 per litre, making it Rs235.98 for the upcoming two weeks.

Additionally, it announced a hike in the costs of kerosene oil by Rs9.79 per litre to Rs201.54, high-speed diesel by Rs2.99 per litre to Rs247.43, and light diesel oil by Rs10.92 per litre to Rs210.32.

Contrary to what the market anticipated, the decision to raise gasoline prices, even more, was finally made. In the first half of September 2022, the market anticipated a price drop of up to Rs 20 per litre for the two main petroleum products—petrol and high-speed diesel.



Expectations were sparked by a decline in the average exchange rate for the purchase of Pakistan State Oil (PSO), which fell from Rs227 in the first half of August to Rs217 in the next15 days.

Similar to this, the premium paid on gasoline and HSD in the first half of August had decreased from $17 and $8.5 per barrel, respectively.