ISL AMABAD: The caretaker government increased petrol and high-speed diesel (HSD) prices by Rs2.73 and Rs8.37 per litre, respectively, for the next fortnight ending February 29, mainly due to higher international market and import premiums.

In a late-night announcement, the Ministry of Finance stated that the government had decided to adjust the current prices of petroleum products during the fortnight starting from Feb 16, 2024, as recommended by the Oiland Gas Regulatory Authority (OGRA).

Petrol prices increased by one per cent, and HSD by 3pe, effective immediately. This comes in addition to the Rs13.55 per litre increase in petrol price and Rs2.75 per litre of HSD on Feb 1.

The ex-depot price of petrol is now set at Rs275.62, up by Rs2.73 from Rs272.89 per litre at present. Its retail price at the pump would be well above Rs276 per litre. On the other hand, the price of HSD was fixed at Rs287.33 per litre up by Rs8.37 from Rs278.96 at present. The retail price at pump would, however, be higher than Rs280 per litre.

Officials said the prices of both majorpetroleum products petrol and HSD had increased in the international market over the past fortnight, and the Pakistan State Oil also had to pay higher import premiums on petrol, even though the rupee had gained against the US dollar.