ISLAMABAD: The government on Wednesday announced significant reductions in the prices of petrol and high-speed diesel (HSD) for the next fortnight. The Ministry of Finance issued a notification following approval from Prime Minister Shehbaz Sharif.
According to the notification, the price of petrol has been reduced by Rs6.17 per liter, bringing the new price to Rs269.43 per liter. Similarly, the price of diesel has been cut by Rs10.86 per liter, setting the new price at Rs272.77 per liter. Additionally, the prices of kerosene oil and light diesel oil (LDO) have been decreased by Rs6.32 and Rs5.72 per liter, respectively. After the reduction, kerosene oil will now cost Rs177.39 per liter, down from its previous price of Rs183.71, and light diesel oil will be priced at Rs173.48 per liter.
“The prices of petroleum products have continued to fluctuate in the international market in the last fortnight,” the notification stated. The Oil and Gas Regulatory Authority (OGRA) calculates the consumer prices for the upcoming fortnight based on international prices and exchange rate variations.
In the past two fortnights, there were increases in petrol and HSD prices. On June 30, petrol and HSD prices rose by Rs7.45 and Rs9.56 per liter, respectively. This was followed by another increase on July 16, with petrol prices going up by Rs9.99 per liter and HSD prices by Rs6.18 per liter.
These adjustments in fuel prices come amid ongoing fluctuations in the international oil market, impacting domestic fuel pricing. The government’s latest move to reduce prices aims to provide relief to consumers facing economic challenges. The reduction is expected to ease the financial burden on households and businesses, particularly those heavily reliant on fuel.
The decision to lower fuel prices is part of the government’s broader strategy to stabilize the economy and mitigate the impact of rising inflation on the populace. By aligning domestic fuel prices with international market trends, the government seeks to maintain a balance between affordability for consumers and the financial viability of the fuel supply chain.
The new pricing will be in effect for the next 15 days, during which time OGRA will continue to monitor global oil prices and make necessary adjustments to ensure stability in the domestic market. This proactive approach aims to keep fuel prices manageable for consumers while adapting to international market conditions.
I am an accomplished graduate of Strategic Studies, driven by a fervent dedication to comprehending global affairs and devising impactful strategies. Equipped with a comprehensive skill set encompassing research, critical thinking, and persuasive communication, I possess a distinctive viewpoint and an unwavering commitment to fostering inclusive decision-making processes. As a versatile individual, I excel in collaborating with diverse groups in various settings, leveraging my strong interpersonal abilities to adapt seamlessly to new environments and surmount any challenges that arise. With a passion for contributing to strategic initiatives, I am eager to leverage my expertise and drive to effect positive change within the field.
