The federal government has once again increased the prices of petroleum products in view of the fluctuations in international crude oil prices. According to the official notification, the price of petrol has been increased by Rs 4.40, while the price of high-speed diesel has been increased by Rs 3.62 per litre.
According to a statement issued by the Petroleum Division, the new prices have come into effect from July 24. After the increase, the price of petrol has been fixed at Rs 331.52 per litre, while high-speed diesel has been fixed at Rs 378.66 per litre.
According to official data, about Rs 110 is included in the price of petrol per litre as various taxes and levies, while the total government revenue on high-speed diesel is about Rs 96 per litre.
Although the recent increase will cause additional burden on consumers, the current prices are still lower than the historical high recorded in April. The constant change in crude oil prices in the global market and the ongoing tension in the Middle East are affecting local prices.
Earlier, Federal Minister for Petroleum Ali Pervez Malik had announced that due to the rapidly changing situation in the global market, the prices of petroleum products in Pakistan will now be determined on a daily basis. According to the government, the move is aimed at reflecting international prices in a timely manner and keeping the local market in line with global trends.
According to the Petroleum Minister, the federal cabinet has authorised the Oil and Gas Regulatory Authority (OGRA) to determine daily prices by taking into account global prices and import costs.
On the other hand, the All Pakistan Petroleum Dealers Association has expressed reservations about the new system, saying that daily price determination may create difficulties in business activities. The organisation has also indicated that it will consider a protest strategy against this decision.
According to economic experts, the increase in petrol prices has a direct impact on millions of people using motorcycles, rickshaws, private vehicles and urban transport, while the cost of high-speed diesel also affects the cost of freight, the agricultural sector, power generation and industrial activities.
Analysts say that in the coming weeks, there is a possibility of further changes in the prices of petroleum products according to global crude oil prices, the geopolitical situation in the Middle East and the country’s economic policies.
This development comes at a time when the public and business community are keeping a close eye on future prices due to rising inflation, energy costs and transportation costs. The news has been compiled based on official notifications and available official information and is presented in an unbiased manner.