Govt keeps petrol, diesel prices unchanged for two days

The Pakistani government has decided to maintain current petrol and high-speed diesel (HSD) prices for July 26 and 27, citing the non-publication of "Platts prices on weekends." This comes just a day after fuel prices were raised by Rs3.66 for petrol and Rs4.80 for HSD.

Currently, petrol costs Rs335.18 per liter, and HSD is priced at Rs383.46 per liter. The government levies a total of Rs110 per liter in taxes and duties on petrol and Rs96 on diesel. The Petroleum Division's notification confirmed that the price adjustments made on July 25 would remain in effect for the subsequent two days.

Diesel prices have seen a significant decrease from their peak of Rs520.35 on April 3, having started their rise from Rs281 per liter after the US-Iran conflict began on February 28. Similarly, petrol prices peaked at Rs458.41 on April 3, after increasing from Rs266 in early March.

Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed daily due to fluctuations in international markets, particularly following renewed hostilities between Iran and the US. Previously, the government had been announcing weekly revisions since early March, implementing measures to conserve fuel amid potential oil supply disruptions. The government also introduced targeted relief measures for subsidized fuel in April.

The Oil and Gas Regulatory Authority (Ogra) has been tasked with deciding daily fuel prices based on international market trends, a decision that has been rejected by the All Pakistan Dealers Association, which is considering protest plans. Petrol and HSD are major revenue sources, with substantial monthly sales, impacting various sectors including private transport, heavy transport, power plants, and large generators.