April Fools’ Day Surprise: Petrol Prices Soar by Rs 9.66/Liter

Staff Report

The government on Sunday hiked the price of petrol by Rs 9.66 per liter following the fluctuation in global oil prices effective from April 1, 2024.

However, it slashed the price of high speed diesel by Rs 3.32 per liter.

The finance ministry in a statement said that the price of Petrol (Motor Gasoline) has increased in the international market during the last fortnight, while the price of HSD has marginally declined.

The Government has accordingly decided to revise the existing consumer prices of petroleum products effective from April 1, 2024.

The finance ministry further said that price adjustments are in line with the Government’s policy of passing on the variations of prices in the international market to the domestic market.

It said that the consumer price of HSD has accordingly decreased once again, after a downward revision in the middle of March 2024.

Petrol is mainly used in motorbikes and cars which is also an alternative to CNG. Its use in Punjab is higher as the CNG stations in Punjab province do not have a supply of indigenous gas.

They are given imported gas which is expensive.

Following a fresh increase in its price, the new price of petrol stands at Rs 289.41 per liter against the previous price of Rs 279.75 per liter.Pakistan Suffers $35m Monthly Loss Due To Oil Smuggling: OCAC

The high speed diesel is widely used in the transport and agriculture sectors. Therefore, the decision to cut its price will have a healthy impact on the farmers and the masses as it may reduce the inflationary impact.

 The price of diesel has been reduced to Rs 282.24 per liter against its old price of Rs 285.56, witnessing a decline of Rs 3.32 per liter.

Currently, the government is charging a petroleum levy (PL) of Rs 60 per liter almost on all petroleum products.

International Monetary Fund (IMF) is pushing the government now to impose Rs 18 per liter general sales tax on petroleum products. Currently, there is zero GST on petroleum products.

If the government imposes GST, the prices of petroleum products will go up further in the coming months.

LPG Prices

The oil and gas regulatory authority (Ogra) has also reduced the price of domestic 18.7 kg cylinders by Rs 76.09 per kg for domestic consumers.

The LPG price has been reduced to Rs 250,341.58 per ton from Rs 256790.16 per ton registering a slash of Rs 6448.58 per ton.

Per-cylinder price has been reduced from Rs 3030.12 to Rs 2954.03 for domestic consumers.