Another jolt to inflation-hit masses as Prime Minister Shehbaz Sharif-led government on Sunday decided to jack up petrol price by Rs9.66 for the next 15 days.

The finance ministry in a notification stated that as part of the fortnightly revision of prices of petroleum products, on the recommendation of Oil & Gas Regulatory Authority (OGRA), the Government of Pakistan has decided that the consumer prices, with effect from 1st April, 2024.

However, the government decided to slash diesel price by Rs3.32 per litre, it added.

It further said that an increase in the prices of petroleum products will be applied from 12 o'clock tonight till April 15.

Following the significant increase, the new price of petrol is Rs289.41 per litre, while Rs282.24 per litre for HSD, it added.

On March 15, the government opted to keep petrol prices unchanged for the forthcoming 15 days. Initial projections suggested a potential increase of Rs10 to 11 per litre during this period, primarily due to import premiums and global price hikes.

Citing insider information, it was revealed that geopolitical tensions led to a $4 surge per barrel in petrol import costs, with import premiums climbing from $12.15 to $13.5 per barrel, translating to the anticipated rise in petrol prices.

Conversely, diesel prices witnessed a decline in the global market, prompting Pakistan State Oil (PSO) to maintain a steady import premium of $6.50 per barrel. Consequently, high-speed diesel prices are expected to drop by Rs1.30 to Rs 2.50 per litre.

According to officials, recent calculations indicate a $4 increase in petrol prices to $94.5 per barrel, while diesel prices dipped by 60 cents to $98.4 per barrel.

The government's decision from 15 days ago remains in effect, maintaining petrol at Rs279.75 per litre and reducing diesel prices by Rs1.77 to Rs 285.56 per litre.