ISLAMABAD  -  The federal government on Sun­day jacked up the price of Petrol by Rs9.66 per litre for the first fortnightly of April 2024.

While the price of High Speed Diesel has been slashed by Rs3.32 per litre for the first fortnightly starting from April 1 to April 15, 2024, said a statement issued here by the Finance Division. 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, the statement said.

The 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. The consumer price of HSD has accordingly been decreased once again, after a downward revision in the middle of March, 2024, the Finance Division said.

Following the hike of Rs9.66 per litre, the price of Petrol will go up to Rs289.41 per litre from the exist­ing Rs279.75 per litre. Similarly, with the reduction of Rs3.32 per litre, HSD will go down to Rs282.24 per litre from the existing from Rs285.56 per litre. It is noteworthy here that the prices of crude oil has increased by almost $3 per barrel, in the interna­tional market, during the last fortnightly of March and currently roaming around $87 per barrel. 

The rupee value meanwhile appreciated against the US dollar by around Rs0.80 to Rs277.95 per dollar during the fortnight. On March 15, one US dollar was equal to Rs278.74.

The federal government is currently charging Rs60 per litre Petroleum Levy on both Petrol and HSD. Currently, no General Sales Tax is being charged on Petrol and HSD. The new oil prices will be effective from April 1, till further revision.

Meanwhile, Oil and Gas Regulatory Authority (OGra) has reduced the price of LPG by Rs 6.45 per kg or 76.09 per 11.8 kg cylinder for the month of April. With the downward revision in the LPG, the price of 11.8 kg domestic cylinder will de­crease from Rs 3030.12 to Rs 2954.03. Interest­ingly, nowhere in the country, except Ogra notifi­cation, LPG is available on the Ogra’s determined price of Rs 250.35 per kg. Against the Ogra deter­mined price of Rs 250.35 per kg, LPG is being sold at Rs 300 to 320 per kg across the country.