The federal government has announced new prices of petrol and high-speed diesel for July 18, implementing a new system for determining the prices of petroleum products. Under the new policy, OGRA will now determine prices on a daily basis according to the fluctuations in prices in the global market.
According to a notification issued by the Petroleum Division, the price of petrol has been increased by Rs 5 per litre, after which the new price has been fixed at Rs 315.71. On the other hand, the price of high-speed diesel has been significantly increased by Rs 30 per litre, and the new price has been fixed at Rs 353.30 per litre.
The announcement has clarified that these prices will be effective only for July 18 and will be applicable from 12 midnight. The government says that new prices will be issued every day in the future based on changes in the global oil market.
Federal Minister for Petroleum Ali Pervaiz Malik told a press conference that the prime minister and the federal cabinet have approved daily price fixing. According to him, OGRA will calculate new prices every day and release them on its website to make the price-fixing process more timely and transparent.
The government maintains that the old procedure was delayed due to rapid changes in crude oil prices in the global market, while daily pricing will immediately transfer the effects of international trends to the local market.
On the other hand, petrol pump owners have expressed strong reservations about the new policy. All Pakistan Petrol Pump Owners Association Chairman Noman Ali rejected the government’s proposed deregulation model, saying that daily price changes will affect business activities and petrol pump owners may face financial difficulties.
He warned that if the government does not review this decision, a protest plan and a possible strike will be considered next week. He said that the association will soon decide on the future after consulting representatives from across the country.
According to economic experts, the daily pricing system can create direct coordination with the global market, but as a result, consumers will also have to face daily fluctuations in prices. They say that the success of this system depends on transparent implementation, effective monitoring and prevention of artificial shortages or hoarding in the market.
Market observers say that changes in global crude oil prices and the value of the rupee in the coming days will directly affect the daily prices of petroleum products in Pakistan, due to which consumers, the transport sector and the industrial sector will have to plan their plans according to the new situation.