Fuel Costs Reduced in Pakistan for the Upcoming Two Weeks

In a welcome development, the interim government in Islamabad has announced a significant reduction in the price of petrol for the upcoming two weeks, bringing it down by Rs8 per litre to Rs259.34 per litre. This decision, based on the recommendations of the Oil and Gas Regulatory Authority (Ogra), was confirmed by the Finance Division on Monday and will be effective from January 16 (Tuesday).

While the cost of diesel remains unchanged at Rs276.21 per litre, there is notable relief for consumers as the prices of kerosene oil and light diesel oil have also been reduced. Kerosene oil sees a decrease of Rs1.97 per litre, now priced at Rs186.86, while light diesel oil experiences a reduction of Rs0.92 per litre, settling at Rs164.83.

The adjustment in fuel prices reflects a positive trend, with earlier indications suggesting a reduction in petrol prices by over Rs5. Conversely, the high-speed diesel (HSD) rate remains steady at Rs276.21 per litre. This stability in HSD prices is attributed to the favorable conditions in the international market, where a decrease in the prices of petrol, oil, and lubricants has been observed during the ongoing fortnight. Additionally, the strengthening of the rupee against the US dollar has played a role in maintaining the current diesel rate.

In the previous two-week period, the government had maintained petrol and diesel prices at Rs267.34 and Rs276.21 per litre, respectively. Notably, kerosene oil had undergone a reduction of Rs2.19 per litre, bringing it down to Rs188.83, while light diesel oil saw a price increase of Rs1.11, resulting in a selling price of Rs165.75.