Petrol Prices
ISLAMABAD: The federal government has decided to maintain the price of petrol unchanged for the upcoming fortnight, effective from December 16. According to a statement issued by the Finance Division, the price of petrol will remain at Rs252.10 per litre for the next two weeks.
In contrast, the government announced a reduction in the price of high-speed diesel (HSD) by Rs3.05, bringing the new price to Rs255.38 per litre.
Additionally, the prices of kerosene and light diesel were also reduced by Rs3.32 and Rs2.78, respectively. Kerosene will now cost Rs161.66 per litre, while light diesel will be priced at Rs148.95 per litre.
The price adjustments come after the Oil and Gas Regulatory Authority (OGRA) calculated the consumer prices of petroleum products, taking into account the fluctuations in the international market over the last fortnight.
The changes reflect recent market volatility, which was influenced by factors such as the regime change in Syria. Despite the abundance of crude oil and petroleum products in the international market, demand has been lower than expected.
The table below summarizes the new prices and the changes:
| Products | Existing Price | New Price | Increase/Decrease |
|---|---|---|---|
| High-Speed Diesel (HSD) | Rs258.43 | Rs255.38 | -Rs3.05 |
| Petrol | Rs252.10 | Rs252.10 | Rs0.00 |
| Kerosene | Rs164.98 | Rs161.66 | -Rs3.32 |
| Light Diesel Oil | Rs151.73 | Rs148.95 | -Rs2.78 |
In the previous fortnight, the government had increased the price of petrol by Rs3.72 per litre, raising it from Rs248.38 to Rs252.10 per litre. At the same time, the price of HSD was raised by Rs3.29, from Rs255.14 to Rs258.43 per litre.
Petrol, primarily used in private transportation, small vehicles, rickshaws, and two-wheelers, has a significant impact on the budgets of the middle and lower-middle classes, who use it for daily commuting.
The rise in fuel prices heavily burdens these groups, as they make up a substantial portion of the consumer base for petrol.
On the other hand, high-speed diesel is crucial for the transport sector, especially for heavy goods vehicles, trucks, buses, trains, and agricultural machinery like tractors, tube wells, and threshers.
The price of HSD is inflationary because of its widespread use, and its price directly affects the cost of goods, particularly vegetables and other food items, which are transported using diesel-powered vehicles.
Consequently, fluctuations in the price of HSD significantly contribute to rising food prices, affecting consumers across all economic sectors.
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