Lahore – The federal government has announced another change in the prices of petroleum products for the last day of July, making both petrol and high-speed diesel more expensive. The new prices will be applicable from July 31, and consumers will have to pay more than today.
Under the latest decision, the price of petrol has been increased by Rs 1.09 per litre, while the price of high-speed diesel has been increased by Rs 2.42 per litre. After this, petrol will be available across the country for Rs 336.15 per litre and high-speed diesel for Rs 393.04 per litre.
This change has come at a time when continuous fluctuations in crude oil prices are being seen in the global market. Government officials say that local prices are determined by taking into account various factors, including the international market, import costs, exchange rates and taxes.
According to official data, the government is still collecting significant taxes and duties on petrol and diesel, which play a significant role in domestic revenues. This is why even a slight change in global prices affects local rates.
In recent months, the government has also changed the method of determining the prices of petroleum products. Now, prices are being reviewed on a daily basis instead of weekly so that immediate changes in the global market can be transmitted to the local market relatively quickly.
However, not all quarters agree on this new policy. The representative organisation of petrol pump owners has expressed reservations about the daily pricing system, saying that it may affect business planning, and they are considering a future course of action in this regard.
According to economists, the increase in petrol prices directly increases the expenses of millions of citizens who use motorcycles, cars, rickshaws and other private transport. On the other hand, the increase in diesel prices may also affect the cost of freight, agricultural activities, industrial production and power generation, the effects of which may reach the prices of various essential commodities.
Market observers say that if the uncertainty in international crude oil prices persists, there is a possibility of further changes in local petroleum prices in the coming days. That is why consumers and business circles will now keep a closer eye on the daily published prices.
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