ISLAMABAD: In its inaugural fuel price adjustment announcement, the newly inaugurated administration decided to maintain the current price of petrol while reducing the cost of diesel for the upcoming two weeks.
The Ministry of Finance, in a statement released before midnight, confirmed that the adjusted diesel price would take effect on March 16, 2024, aligning with the recommendation from the Oil and Gas Regulatory Authority (Ogra).
The price of petrol remains steady at Rs279.75 per liter, whereas the price of high-speed diesel has been lowered by Rs1.77 to Rs285.56 per liter.
Earlier indications from reliable sources suggested that petroleum prices were expected to remain relatively unchanged, with the premium on petrol imports rising to $12.15 per barrel from $10.45 in February.
However, exchange rates and international product prices remained within a stable range. The premium on high-speed diesel (HSD) imports remained unchanged at $6.50 per barrel.
Latest Petrol and Diesel Prices in Pakistan Today March 16, 2024:
| Product | Existing price | New price | Increase/Decrease |
|---|---|---|---|
| Petrol | Rs279.75 | Rs279.75 | Rs0 |
| High-Speed Diesel | Rs287.33 | Rs285.56 | Rs-1.77 |
The government of Pakistan had increased the price of petrol by Rs4.13 per liter. The prices of other petroleum products were also adjusted accordingly. These new prices were set to be applicable from March 1, 2024.
According to a statement issued by the Ministry of Finance, the government announced changes in the prices of petroleum products. The price of petrol was increased by Rs4.13 per liter, bringing the new price to Rs279.75 per liter.
The price of high-speed diesel remained unchanged at Rs287.33 per liter, while the price of kerosene was raised by Rs1.44 per liter to Rs190.01 per liter. Conversely, the government reduced the price of light diesel by Rs1.14 per liter, setting the new price at Rs170.30 per liter.
These adjusted prices were applicable for fifteen days from March 1, 2024.
It’s noteworthy that the newly elected members of the National Assembly took oath on Thursday. The election of the Speaker and the new Prime Minister was scheduled to take place in a few days.
Reports indicated that the government increased the prices of petroleum products due to changes in international market prices, import premium, and exchange rate. Earlier speculations suggested a decrease in petroleum product prices from March 1, 2024. However, recent fluctuations in the international market led to adjustments in the prices.
(Islamabad51_Newsdesk)
