Petrol costlier by Rupee 12, diesel by Rupee 9.5 in Pakistan: Details here

Petrol and diesel prices in Pakistan have been shooting skywards, with the petrol price becoming costlier by Pakistani Rupees 12 a litre and diesel by Pakistani Rupees 9.53 per litre. The Pakistan government has significantly hiked fuel prices across the country.

This also resulted in doubling the petrol price since 2014. According to a report by news agency ANI, a litre of petrol in the neighbouring country now costs Pakistani Rupees 159.86 a litre, up from 147.82 per litre. Similarly, a litre of high-speed diesel costs Pakistani Rupees 154.15, up from 144.62 per litre.

The price of a litre of petrol has increased significantly from Pakistani Rupees 82 in 2014, to nearly 160 in 2022. The petrol price has nearly doubled in less than a decade, even as crude oil prices have stayed on similar lines. The value of one Pakistan Rupee currently equals 0.43 Indian Rupees.

This comes at a time, when the fuel price across the country is expected to increase substantially owing to the cruise oil price soaring in the international market because of the geopolitical tension in Europe, between Ukraine and Russia.

In India however, prices of petrol and diesel remain unchanged for more than 100 days since November 4 last year. The Indian government last year around Diwali announced an excise duty cut for both petrol and diesel, significantly bringing down the cost of both motor fuels across the country. Subsequently, several state governments too announced a reduction in their respective value-added tax (VAT) on both petrol and diesel.

However, with the state assembly elections over and crude oil prices rising in the international market an upward rally in India could be a possibility.