In a recent announcement, Finance Minister Ishaq Dar stated that the price of petrol will remain steady at Rs262 per litre for the next two weeks, while the price of high-speed diesel (HSD) will be increased by Rs7.5 per litre, reaching Rs260.5.
During a press conference, the finance minister did not disclose any changes in the prices of kerosene and light diesel oil. He explained that the Oil and Gas Regulatory Authority (Ogra) had reported a $3.5 increase in diesel prices in international markets in the past few days, which was also reflected in the rising trend of petrol prices.
Minister Dar noted that Ogra made efforts to minimize the price increase as per the prime minister’s instructions, resulting in no change in the petrol price. However, due to significant negative movement and price hikes for diesel, Ogra recommended a minimum increase of Rs7.5 in diesel prices.
Earlier this month, the government had decided to maintain the prices of all petroleum products, except for light diesel oil, in line with international market trends. Despite slight increases in international prices, the final price calculations provided by Ogra indicated no impact on local prices, prompting the decision to keep them unchanged.
As a result, the ex-depot rates of high-speed diesel, petrol, and kerosene were maintained at Rs253, Rs262, and Rs164.07 per litre, respectively. The price of light diesel oil, however, experienced a rise of Rs2.52, reaching Rs150.20 per litre from Rs147.68.
The decision to maintain the petrol price at its current level will provide relief to consumers, ensuring stability in transportation costs and overall inflation rates. While the increase in high-speed diesel may have some impact on transportation and industries reliant on diesel, the government’s efforts to minimize the price hike reflect its commitment to balancing the interests of consumers and economic stability.