The Government increased the Petrol Prices in Pakistan by 5.4 rupees per liter effective July 16, tweeted Shahbaz Gill, Assistant to the Pakistani Prime Minister for Political Communications. The price of diesel rose by 2.54 rupees per liter and that of kerosene by 1.39 rupees. The development follows the proposal of the Oil and Gas Regulatory Authority to raise the prices of petroleum products after an increase in internal oil prices. Ogra had proposed raising the price of gasoline by 11.4 rupees per liter.
Unlike other commodities, the prices of which are determined by market forces of demand and supply, petrol prices in Pakistan are regulated by the Ogra, which reviews prices every 14 days and suggests new prices according to changes in international oil prices. After the increase, a liter of petrol will cost 118.09 rupees, while the new price for diesel will be 116.53 rupees and that of kerosene will be 87.14 rupees.