Petrol price in Pakistan remains unchanged for next fortnight

By
Saif ur Rehman
|
Finance Minister Ishaq Dar speaks during a video message in Washington, on October 15, 2022. — Screengrab
Finance Minister Ishaq Dar speaks during a video message in Washington, on October 15, 2022. — Screengrab

  • Finance Minister Ishaq Dar prices to remain same till Oct 31.
  • Petrol to be available at Rs224.80 per litre, diesel Rs235.30.
  • Oil and Gas Regulatory Authority proposed a reduction.


Finance Minister Ishaq Dar announced Saturday that the price of petroleum products in the country would remain unchanged for the next fortnight — till October 31 — despite the Oil and Gas Regulatory Authority's (OGRA) proposal to reduce the rate of petrol. 

Following the announcement, the price of petrol remained unchanged at Rs224.80 per litre, high-speed diesel at Rs235.30 per litre, and light diesel oil is Rs191.83.

Dar, who is currently in Washington to attend the annual meetings of the International Monetary Fund (IMF) and World Bank, announced the development via a video message.

“Ministry of Finance received a summary from OGRA which suggested a slight reduction in petrol price while an increase in the price of diesel, kerosene and light diesel oil,” he said.


Commodity

Existing prices
w.e.f.
1.10.2022 

New prices
w.e.f.
16.10.2022

Sales tax %

Increase/(-) Decrease

Petrol 
Rs237.42
Rs224.80
0.00%Rs0
Diesel 
Rs247.43
Rs235.30
0.00%
Rs0
Kerosene oil
Rs202.02Rs191.83
0.00%
Rs0
Light diesel oil
Rs197.28
Rs186.50
0.00%
Rs0

However, despite that, the minister revealed that following a discussion with Prime Minister Shehbaz Sharif, the government the decision to keep the price unchanged has been taken.

“In the fortnightly review of petroleum products’ prices, the government has decided to maintain rates at the existing level in order to promote utmost relief to consumers and keep prices stable in the country,” the notification issued by the Finance Division read.

On September 30, Finance Minister Ishaq Dar slashed the price of petrol by Rs12.63 per litre, giving massive relief to the inflation-stricken people of Pakistan.

Dar, in his maiden press conference, had said that the decision to reduce the prices was taken after PM Shehbaz’s approval.

He decreased the price of high-speed diesel by Rs12.13, after which it stood at Rs235.30 per litre. The price of light diesel oil was set at Rs191.83 after a decrease of Rs10.19 per litre.

The finance minister’s decision raised several speculations regarding the ongoing International Monetary Fund (IMF) programme.

Former finance minister Miftah Ismail termed the government's decision to not increase the petroleum development levy (PDL) without the approval of the IMF "reckless".

However, Dar was confident that he would handle the Fund. “I have to handle the IMF matters, so from now on, neither Miftah nor anybody else has to worry about anything,” he added.