In a recent development, the interim government made a significant announcement on Wednesday regarding the prices of petrol and diesel for February 2024. The Finance Division revealed that petrol prices would experience a sharp hike, rising by Rs 13.55 to reach Rs 272.89 per litre. Similarly, the cost of diesel has been adjusted, with an increase of Rs 2.75, bringing it to Rs 276.21 per litre.

The timing of this adjustment coincides with ongoing unrest in the Middle East, contributing to the fluctuating fuel prices in Pakistan. It’s worth noting that in the previous price review update, the outgoing government had taken a different approach by reducing petrol prices by Rs 8 per litre.

Here’s a quick overview of the latest price changes:

TypeNew PriceOld PricePrice DifferencePetrolRs 259.34Rs 272.89Rs 13.55DieselRs 276.21Rs 278.96Rs 2.75

The surge in petrol prices has captured the attention of both consumers and industry experts alike, raising concerns about the economic impact of such adjustments. The global context further adds to the complexity of this situation, as fluctuations in oil prices have been observed on the international stage.

In the past week alone, global oil prices have experienced a notable increase, rising from $83 to $89 per barrel. Diesel prices have followed suit, climbing from $93 to $97 per barrel. These global shifts have undoubtedly played a role in influencing the recent decision by the interim government to adjust fuel prices domestically.

As Pakistan navigates through this period of economic uncertainty, citizens and businesses alike will be closely monitoring the developments in fuel prices and their broader implications.