The federal government has announced new prices of petroleum products across the country, slightly reducing the price of petrol and significantly increasing the price of high-speed diesel for July 21. The new prices have come into effect from Tuesday.
According to an official notification, petrol has been reduced by 35 paise per litre, after which its new price has been fixed at Rs 315.80 per litre. On the other hand, the price of high-speed diesel has been increased by Rs 5.71 per litre, after which diesel will be available at Rs 360.60 per litre.
According to officials, these prices have been implemented only for July 21 and will be implemented immediately across the country. The recent decision aims to adjust local prices in a timely manner in line with the rapid changes in crude oil prices in the global market.
The Petroleum Division said in a statement that the new prices of petrol and diesel have been determined in light of the recommendations of the Oil and Gas Regulatory Authority (OGRA). Under the new policy, OGRA will review prices on a daily basis and issue fresh prices.
The government has changed the methodology for determining the prices of petroleum products in view of the recent regional tensions and the uncertainty in the global energy market. Under this policy, prices will now be announced daily so that the immediate impact of fluctuations in crude oil in the international market can be transferred to the local market.
According to the statement, OGRA will not require separate approval from the Prime Minister or the federal cabinet to issue prices. However, new prices will not be issued on Saturdays and Sundays, and the last announced prices will remain in effect on these two days.
Economists say that the recent rise in global crude oil prices, especially the ongoing tensions in the Middle East and concerns about energy supplies through the Strait of Hormuz, could lead to constant price fluctuations for countries that rely on imported fuel. According to them, a daily pricing system can help respond quickly to global trends, but it will also expose consumers to more rapid price changes.
Following the announcement of new fuel prices, various business circles, including the transport, industry and agricultural sectors, are closely monitoring global crude oil prices and upcoming government announcements, as these factors can have a direct impact on the country’s economy and the overall inflation situation.