According to a statement from the finance ministry, the Pakistani government has announced a Rs3 per liter reduction in the price of high-speed diesel while maintaining the price of petrol at its current rate.
As part of its bi-weekly petroleum price adjustments based on international market fluctuations, the new price for diesel will be Rs255.38 per liter, while petrol will remain at Rs252.10 per liter. Kerosene oil and light diesel oil prices have also been cut, with reductions of Rs3.32 and Rs2.78 respectively. Kerosene will now cost Rs161.66 per liter, and light diesel oil will be priced at Rs148.95 per liter.
Petrol is primarily used for private vehicles, small transport, and two-wheelers, while diesel is crucial for powering heavy transport vehicles. Any increase in diesel prices typically results in a surge in the cost of goods, including vegetables, thereby fueling inflation.
The Oil and Gas Regulatory Authority (OGRA) has reviewed the fluctuations in the international petroleum market and made the necessary adjustments for the upcoming fortnight, which starts on December 16, 2024.
This follows a price hike on December 1, when the cost of petrol was raised by Rs3.72 per liter due to global market shifts.
Fuel prices in Pakistan play a critical role in driving inflation. The country experienced a record-high inflation rate of 38% in May 2023. However, consumer inflation slowed to 4.9% in November, down from 7.2% in October.
