Islamabad: The federal government has once again increased the prices of petroleum products in view of price fluctuations in the international oil market. According to the notification issued, the price of petrol has been increased by Rs 4.40 per litre, while the price of high-speed diesel has been increased by Rs 3.62 per litre.
According to the notification issued by the Petroleum Division, the new prices will come into effect from July 24. After the increase, the new price of petrol has been fixed at Rs 331.52 per litre, while the price of high-speed diesel has been fixed at Rs 378.66 per litre.
According to official data, the government is collecting a total of about Rs 110 per litre on petrol and Rs 96 on high-speed diesel in the form of various taxes, levies and duties.
Although despite the recent increase, the price of diesel is lower than the highest level of Rs 520.35 per litre recorded in April, the continuous changes in crude oil prices in the global market are affecting the local market. Similarly, petrol is also below its previous high of Rs 458.41 per litre, but prices have fluctuated significantly in recent months.
Earlier, Federal Minister for Petroleum Ali Pervez Malik had announced that due to the rapidly changing trend of prices in the global market, the prices of petroleum products in Pakistan will now be fixed on a daily basis instead of weekly.
According to the Petroleum Minister, the federal cabinet and the prime minister have authorised the Oil and Gas Regulatory Authority (OGRA) to fix daily prices, keeping in mind the trends of the international market so that global prices can be immediately reflected in the local market.
On the other hand, the All Pakistan Petroleum Dealers Association has expressed reservations about the daily price-fixing system and said that a protest plan is being considered against this decision.
According to experts, the increase in petrol prices has a direct impact on citizens using motorcycles, rickshaws, private vehicles and small transport, while the change in the price of high-speed diesel also affects the costs of freight transport, the agricultural sector, electricity generation and industrial activities.
Economic analysts say that in the coming days, the possibility of further changes in the prices of petroleum products may persist in the context of global crude oil prices, the situation in the Middle East and the country’s economic policies.
