Govt hikes petrol price by Rs5.77, high-speed diesel by Rs6.47
The government on Monday raised the price of petrol by Rs5.77 per litre and that of high-speed diesel (HSD) by Rs6.47. Following the revision, petrol will retail at Rs331.20 per litre while HSD will cost Rs390.42 per litre. According to the Petroleum Division’s notification, the new prices will be applicable for August 18 (Tuesday). The…
Govt hikes petrol price by Rs5.77, high-speed diesel by Rs6.47
The government on Monday raised the rate of petrol by Rs5.77 per litre and that of high-speed diesel (HSD) by Rs6.47.
Following the revision, petrol will retail at Rs331.20 per litre while HSD will cost Rs390.42 per litre.
According to the Petroleum Division’s notification, the new costs will be applicable for August 18 (Tuesday).
The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had kicked off rising from Rs281 per litre after the US-Iran war broke out on February 28.
The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.
Earlier, Petroleum Minister Ali Pervaiz Malik unveiled that fuel prices would now be fixed on a daily basis due to fluctuations in international market costs following renewed hostilities between Iran and the US.
The administration had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel against the backdrop of possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April additionally announced targeted relief measures to provide subsidised fuel.
The petroleum minister stated that the cabinet and the prime minister had decided to provide the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends.
The daily pricing decision was rejected by the All Pakistan Dealers Association. It noted it would consider a protest plan.
Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its rate affect the middle and lower-middle classes.
Similarly, changes in diesel prices additionally impact the public at large, as it is mainly employed in the heavy transport sector, power plants and large generators.
Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of concerning 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.