ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has announced a reduction in the price of liquefied petroleum gas (LPG). As per the notification issued, the new price of LPG is now Rs250.33 per kilogram, which is Rs6.45 lower than the previous price.
For consumers using domestic cylinders, there’s a notable reduction in price as well. The cost of a domestic cylinder has been lowered by Rs76, with the new price set at Rs2,954.
Meanwhile, the government increased petrol prices by Rs9.66 for the next 15 days. This decision was made following the fortnightly revision of petroleum product prices on the recommendation of OGRA, effective from April 1, 2024, as stated by the finance ministry in a notification.
In line with recent hikes in international crude oil prices, petrol prices have been raised accordingly. Conversely, the decrease in the price of high-speed diesel (HSD) reflects a slight decline in its international market value. These adjustments are aimed at aligning domestic fuel prices with global market fluctuations, in accordance with government policy.
The existing and revised prices of petrol (MS) and HSD are as follows: Petrol, previously priced at Rs279.75 per litre, will now cost Rs289.41 per litre, marking a Rs9.66 increase. Meanwhile, the existing price of HSD at Rs285.56 per litre will be reduced to Rs282.24 per litre, reflecting a decrease of Rs3.32.
The Finance Division’s statement emphasized the rationale behind these adjustments, citing recent trends in international petrol prices and the government’s commitment to synchronizing domestic fuel prices with global market variations.
Moreover, the statement highlighted that the reduction in HSD prices is part of an ongoing downward trend initiated with a revision in mid-March 2024, showcasing the government’s responsiveness to market dynamics and efforts to alleviate consumer burden.
Overall, these adjustments aim to strike a balance between ensuring fiscal stability and mitigating the impact of price fluctuations on consumers amidst the complexities of the international energy market.
