Islamabad: The federal government has set new rates for the petroleum products for July 21, which are slightly down for petrol and significantly up for HID. The new prices will be implemented from today (July 21).
The official notification states that the petrol price has been slashed by 35 paise per litre and the new price of petrol is Rs 315.80 per litre. However, the high-speed diesel has been priced at Rs 5.71 per litre, and post this, the price of the diesel will be Rs 360.60 per litre.
The new prices have been calculated per the recommendations of the Oil and Gas Regulatory Authority (OGRA), according to the Petroleum Division. The government has decided to revisit fuel prices on a daily basis in view of the prevailing scenario in the region and global energy market, which is in constant flux, it said.
The officials said that the new policy will enable OGRA to fix the prices of petroleum products, and it will be done without the approval of the Prime Minister or the federal government. New prices, however, will not be announced on Saturday and Sunday, and the last issued rates will only apply on those days.
The recent volatility in the price of crude oil in the world, particularly tension in the Middle East and supply concerns, is having a direct impact on local prices in countries that depend on imported crude oil, including Pakistan, economists say. Based on their experiences, the daily pricing system, although useful for integrating the global market changes into the local market relatively quickly, may also lead consumers to experience increased price changes.
Various business circles, such as the transport, agricultural and industrial sectors, are also watching world fuel prices and government decisions going forward following the announcement of new prices of petroleum products.