The caretaker government on Thursday night pushed through another hike in the price of petrol by Rs2.73, reaching 275.62 per litre.

According to a notification issued, the price of high-speed diesel risen by Rs 8.37 per litre. now standing at Rs 287.33 per litre.

Petroleum Prices pic.twitter.com/0znatZDNS5
— Ministry of Finance, Government of Pakistan (@Financegovpk) February 15, 2024

The new rates proposed by Oil and Gas Regulatory Authority (Ogra) came into effect at midnight today (February 16) and will remain in place until February 29.

Separately, the caretaker government had greenlit a 67% increase in gas prices, effectively burdening consumers with higher costs of living starting from February 1.

The decision, approved in a meeting of the federal cabinet led by caretaker Prime Minister Anwarul Haq Kakar, follows the recommendation of the Economic Coordination Committee (ECC) to raise gas prices by a staggering 67%. This sharp hike in rates will apply to both protected and non-protected customers, translating to a surge of Rs100 and Rs300 per MMBTU (million British thermal units), respectively.

Notably, while the increase will apply to consumption charges, there will be no increase in fixed charges for both categories of consumers. However, bulk gas consumers will bear the brunt of a significant surge, facing a whopping increase of Rs900 per MMBTU.