WEBDESK: There may be a slight change in petroleum prices in Pakistan starting June 1, due to ongoing fluctuations in the global oil market.
According to media reports, the oil industry has sent a working paper to the Oil and Gas Regulatory Authority (OGRA) with suggested changes in petroleum prices. OGRA is expected to submit a formal price change summary to the government on May 31.
As per the current estimates, there may be a reduction of Rs. 0.61 per liter in petrol and Rs. 0.28 per liter in high-speed diesel. Additionally, the strengthening of the Pakistani rupee against the US dollar has helped lower the import cost of petroleum products, further supporting the potential cut in prices.
However, not all fuel types may see relief. The price of kerosene oil could go up by Rs. 0.21 per liter, while light diesel oil may increase by Rs. 1.30 per liter.
The final decision on these petroleum prices will be made based on OGRA’s recommendations. Once approved, the Ministry of Finance will issue an official notification.
A formal announcement will, most probably, occur on May 31 at night.
It is also possible that the government may choose to keep the current petroleum prices unchanged, depending on economic factors and public interest. Officials have not ruled out the option of increasing or decreasing government relief on these products.
These changes in petroleum prices are being considered at a time when the public is already dealing with rising costs of living. Any adjustment – no matter how small – can have a direct impact on transportation, food supply, and daily expenses for millions of people.
Petroleum Prices in Pakistan: latest updates
It merits a mention that the government revises the petrol prices in Pakistan fortnightly (after every two weeks).
The primary reason behind changing the petrol prices in Pakistan two times a month is because the global oil rates fluctuate.
Pakistan imports fuel to fulfil its hydrocarbon needs across the country, whether it is for industrial or domestic use.
Hence, the Oil & Gas Regulatory Authority (OGRA) publishes revised petrol prices in Pakistan which mirror the international crude oil rates.
The current price of Super petrol in Pakistan is Rs252.63 per liter. The price of High Speed Diesel is Rs254.64 per liter.
It is worth noting that the federal government has increased the levy on petrol by more than Rs70 in the last month while deciding against reducing petrol prices in Pakistan.
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