The federal government has increased petrol prices by Rs 5.44 and high-speed diesel prices by Rs 31.5.
After the recent increase, the new petrol price is Rs 316.15. The new price of diesel is Rs 354.35.
Federal Petroleum Minister Ali Pervaiz Malik said the government has decided to introduce a more transparent petroleum pricing system, under which the Oil and Gas Regulatory Authority (OGRA) will determine petroleum prices on a daily basis and publish them on its website.
Speaking at a press conference alongside Federal Minister for Information Attaullah Tarar, Malik said the government would protect the interests of all stakeholders while ensuring transparency. He added that any increase or decrease in fuel prices would be passed on to consumers without delay.
Malik said international diesel prices have climbed to around $140 per barrel, while petrol prices have risen from $89 to $100 per barrel. He said the government had used domestic resources to support the public but acknowledged that the latest decision would be difficult. “It may be painful, but it is in the state’s interest,” he said.
He added that whenever international oil prices declined, the government also reduced domestic petroleum prices. He said the petroleum levy on petrol and diesel remains relatively low.
It is worth noting that OMCs and petrol pump owners reacted after the government proposed introducing daily pricing for petroleum products.
