The outgoing caretaker government on late Thursday jacked up the petrol price by Rs2.73 per litre to Rs275.62 per litre for the next fortnight, as recommended by Oil and Gas Regulatory Authority (OGRA). “Government of Pakistan has decided to bring changes in the current prices of Petroleum products for the fortnight starting from 16th February 2024,” a statement issued by the Finance Division read. As per the notification, the price of high-speed diesel has also been increased by Rs8.37 per litre to Rs287.33 per litre. The new prices, as recommended by Ogra have taken effect from this midnight (February 16) and will remain in place till February 29. Earlier in the day, the federal cabinet increased gas prices for residential users up to 67% and for fertiliser plants by 700% to recover additional Rs242 billion from all the consumers – in a decision that attempts to bring some equity in the rates of the fast depleting natural asset. Immediately after the cabinet meeting, the Oil and Gas Regulatory Authority (OGRA) issued the notification of the new gas prices aimed at meeting the International Monetary Fund’s (IMF) condition to raise prices by February 15. The decision would take effect from the first of February and the new bills would be issued with revised rates, showed the notification. Prime Minister Anwaarul Haq Kakar chaired the cabinet meeting, which gave the go ahead to increase the gas prices for the second time in the past three months. The decision also puts an unreasonable burden on a class of residential consumers using more than 2 cubic hectometers (Hm3) gas for creating fiscal space to pay subsidies to other domestic consumers. The interim cabinet also finally took the much-delayed but needed decision to withdraw the Rs50 billion subsidies of the few fertilisers plants, which were earlier given preferential treatment by robbing the industrial consumers.