Govt raises petrol price by Rs13.18, diesel by Rs13.80

AI Summary

The government of Pakistan raised petrol prices by Rs13.18 per litre and diesel prices by Rs13.80, effective June 11. Petrol now costs Rs310.71 and HSD Rs323.30, following earlier sharp price increases tied to geopolitical tensions.

The government raised the price of petrol by Rs13.18 per litre and that of high-speed diesel (HSD) by Rs13.8 on Friday. Following the increase, the price of petrol stands at Rs310.71 per litre and HSD’s at Rs323.30. The Petroleum Division’s press release notifying the increase said the new prices would be effective from June 11. The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. HSD is considered the most inflationary fuel given its widespread use in freight transportation. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. 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 class. High-speed diesel is mainly used in the heavy transport sector and for large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.