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Petrol, Diesel Prices Reduced
ISLAMABAD: The federal government has reduced the prices of petrol and high-speed diesel (HSD), according to a new notification issued by the Oil and Gas Regulatory Authority (OGRA).
Petrol has been reduced by Rs2.27 per litre, while the price of HSD has been cut by Rs3.56 per litre.
New Fuel Prices
Following the latest revision, petrol will now be available at Rs389.30 per litre, while HSD will cost Rs404.97 per litre.
The revised prices will take effect from midnight and remain applicable until new rates are announced.
Fuel Prices Remain Below April Peak
The latest diesel price is significantly below the peak of Rs520.35 per litre recorded on April 3.
Diesel had risen from around Rs281 per litre following the escalation of the Middle East conflict on February 28.
Petrol also reached a peak of Rs458.41 per litre on April 3, after beginning its upward movement from around Rs266 in the first week of March.
Government Introduces Austerity Measures
Amid volatility in international fuel markets, the government has also introduced austerity measures.
Under the measures, markets are required to close by 9pm, while fuel allocations for official vehicles have been reduced by 50% for three months.
Fuel Relief Scheme
Prime Minister Shehbaz Sharif has also announced a fuel relief scheme targeting users of motorcycles, rickshaws and vehicles with engines of up to 800cc.
The government says the initiative is aimed at reducing the impact of higher international oil prices on these consumers.
Pressure Over Domestic Fuel Prices
The government has faced calls to ensure that domestic petrol and diesel prices reflect movements in international oil markets.
The ongoing regional conflict has affected energy markets and shipping routes, including disruptions around the Strait of Hormuz and Red Sea.
JI Demands Further Reduction
Jamaat-e-Islami chief Hafiz Naeemur Rehman has called for further reductions in fuel prices, abolition of the petroleum levy and cuts in government expenditure.
He has also announced a nationwide signature campaign in support of the party’s demands.
Government Says Subsidy Will Continue
Petroleum Minister Ali Pervaiz Malik said the government would continue its petrol subsidy scheme for as long as necessary.
Speaking to the media in Lahore, Malik said the government was aware of the financial pressure on consumers and would pass on any decline in international oil prices.
He said the subsidy programme could continue for up to 10 months, if required, with the government spending approximately Rs35 billion to Rs40 billion per month on the scheme.
