Government reviews fuel prices every 15 days and adjusts them based on the movements of global oil prices and the exchange rate of the local currency     Fuel station worker filling petrol in a motorcycle at a petrol pump. — PPI/File

ISLAMABAD: The federal government has increased the price of petrol for next fortnight by Rs4.53 per litre in line with the hike in the global oil rates.

According to a notification issued by the Finance Division late Monday, the price of high-speed diesel (HSD) has also been increased by Rs8.14 per litre to Rs290.38 per litre.

The new fuel prices will be effective from April 16. In addition to this, the government jacked up the prices of kerosene by Rs6.69 to Rs193.8 per litre. Similarly, the rate of light diesel has been increased by Rs6.54 to Rs174.34 per litre.

“The prices of Petroleum products have seen an increasing trend in the international market during the last fortnight. The Oil & Gas Regulatory Authority (Ogra) has worked out the consumer prices, based on the price variations in the international market,” read the notification.

In the last fortnightly review, the federal government increased the price of petrol by Rs9.66 but it slashed the price of HSD by Rs3.32 per litre.

The government reviews fuel prices every 15 days and adjusts them based on the movements of global oil prices and the exchange rate of the local currency.

Pakistan, which imports about 85% of its oil needs, has been grappling with a balance of payments crisis and soaring inflation.

The higher fuel prices will have a knock-on effect on the cost of living and transportation in the country, where the sale of petroleum products declined by 19% year-on-year in February.

The drop was mainly due to lower gasoline and diesel sales, as consumers cut back on their spending amid the economic slowdown. The government is charging Rs60 per litre petroleum development levy (PDL) on petrol and HSD each.