ISLAMABAD: The outgoing interim government has raised the price of petrol by Rs2.73 per liter to Rs275.62 per liter for the upcoming two weeks, following the recommendation of the Oil and Gas Regulatory Authority (OGRA).

A statement issued by the Finance Division announced, “The Government of Pakistan has opted to revise the current prices of petroleum products for the fortnight commencing from February 16, 2024.”

According to the notification, the cost of high-speed diesel has also surged by Rs8.37 per liter to Rs287.33 per liter.

These revised prices, in line with OGRA’s suggestion, took effect from midnight on February 16 and will remain enforced until February 29.

The anticipation of a hike in petrol and high-speed diesel prices had been brewing after adjustments in the exchange rate.

Official sources suggest that the primary factor behind the significant increase in fuel prices stems from the concerning situation in the Red Sea, where Houthi insurgents are disrupting the movement of oil vessels and other ships.

Last month, the interim government had already increased the price of petrol by Rs13.55 per liter, citing ongoing tensions in the Middle East, particularly as Israel continued its military operations in Gaza.