ISLAMABAD:The federal government has raised petrol prices by Rs3.47 per litre and diesel prices by Rs2.61 per litre for the second half of January, citing rising international oil prices influenced by US sanctions on oil exports to China and India.
A notification issued by the finance ministry late Wednesday announced the increase, raising petrol prices from Rs252.66 to Rs256.13 per litre and high-speed diesel prices from Rs258.34 to Rs260.95 per litre.
“The Oil & Gas Regulatory Authority (OGRA) has calculated the new consumer prices for petroleum products based on fluctuations in the international market over the last fortnight,” stated the notification. The rise in prices is attributed to global market trends, impacted by US sanctions on oil exports to China and India.
Last week, the administration of US President Joe Biden implemented its most comprehensive sanctions package yet, targeting Russia’s oil and gas revenue. These sanctions have pushed crude oil prices above $81 per barrelβthe highest level since August 2024.
Earlier, on New Year’s Eve, the government had increased petrol prices by Re0.56 per litre for the first fortnight of 2025. The new petroleum prices are effective immediately and will remain in place until January 31.
