ISLAMABAD:
The federal government hiked the prices of petrol by Rs3.47 per liter and diesel by Rs2.61 per liter for the fortnight till the end of January on the back of rising international oil prices driven by the US sanctions against oil exports to China and India.
According to a notification issued by the finance ministry late on Wednesday evening, the price of petrol was raised from Rs 252.66 to Rs 256.13 per liter and of high speed diesel from Rs 258.34 to Rs 260.95.
“The Oil & Gas Regulatory Authority (OGRA) has prepared the consumer prices of petroleum products in view of the fluctuations in the international market in the last fortnight,” the official release read. The rise is attributed to rising global prices, driven by US sanctions against oil exports to China and India.
US President Joe Biden’s administration imposed its broadest package of sanctions yet targeting Russia’s oil and gas revenues last week. In the wake of these sanctions, the price of crude oil rose above $81 per barrel. barrel – the highest since August 2024.
The government last raised the price of petrol by Re0.56 per liter on New Year’s Eve for the first fortnight of 2025. The latest prices of petroleum products will take effect immediately and remain enforced until January 31.
