The federal government has decided to maintain the price of petrol at Rs252.63 per litre for the upcoming fortnight, despite a decline in international petroleum rates.
This decision allows for the transfer of potential consumer relief to oil refineries, marketing companies, and dealers instead of reducing the price at the pump.
On the other hand, the price of High-Speed Diesel (HSD) has been reduced by Rs2, bringing it down from Rs256.64 to Rs254.64 per litre, according to a notification issued by the Finance Division.
Additionally, the government has slashed prices for Kerosene and Light Diesel Oil (LDO). Kerosene prices have been reduced by Rs5.04, decreasing from Rs169.69 to Rs164.65 per litre. LDO prices have dropped by Rs4.68, now priced at Rs150.65 per litre, down from Rs155.33.
These new rates will be applicable for the next 15 days, as per the recommendations from the Oil and Gas Regulatory Authority (OGRA) and relevant ministries.
According to sources, the federal government is also finalising a plan to recover approximately Rs 75 billion annually from petroleum consumers through a combination of increased margins and compensation mechanisms for oil refineries, oil marketing companies, and fuel dealers.
The Economic Coordination Committee (ECC) recently sanctioned an increase of Rs12 per litre in the petroleum levy, raising it to Rs90 per litre. This move is expected to generate Rs34 billion in additional revenue from consumers.
Following this approval, the prices of petrol and high-speed diesel (HSD) will rise by Rs1.87 per litre, which will be collected from consumers over a 12-month period.
Furthermore, the Petroleum Division and the Ministry of Finance will now be authorised to increase the levy further, subject to formal approval from the Prime Minister.
