Petrol price likely to rise by another Rs9 per litre from April 16

The government is expected to increase the prices of petroleum products from April 16 (Tuesday) for the second fortnight of the current month, sources said on Saturday.

The government adjusts the prices of petroleum products every 15 days based on the recommendations of the Oil and Gas Regulatory Authority (OGRA).

According to industry officials, the expected hike in fuel prices is due to a surge in international oil rates amid escalating tensions in the Middle East.

The prices of petrol are likely to inflate by Rs9 per litre and high-speed diesel (HSD) by Rs2 per litre, sources added.

In the last fortnight review on April 1, the government had hiked the price of petrol by Rs9.66 per litre.

However, the price of high-speed diesel (HSD) was decreased by Rs3.32 per litre.

The current prices of petrol and diesel are Rs 289.41 per litre and Rs282.24 per litre, respectively.

At present, the government is charging Rs60 per litre petroleum development levy (PDL) on both petrol and diesel. Consumers are also paying Rs5.69 per litre on petrol as Internal Freight Equalization Margin (IFEM), Rs7.87 per litre as OMCs margin and Rs8.64 per litre as dealers margin.

The Ministry of Finance will announce the new prices on the night of April 16 after consulting with Prime Minister Shehbaz Sharif.