Petrol, diesel prices to remain unchanged 'till further orders'

• Petrol remains fixed at Rs299.50 per litre.
• HSD stays unchanged at Rs311.47 per litre.
• Notification issued about retaining fuel rates.

The federal government maintained the prices of petrol and diesel following a weekly review on Friday.

The price of petrol was maintained at Rs299.50 per litre, while diesel remained unchanged at Rs311.47 per litre, according to a Petroleum Division notification.

Kerosene oil price cut by Rs6.85 per litre

The price of kerosene oil has been reduced by Rs6.85 per litre, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).

Following the reduction, the new price of kerosene oil has been set at Rs227.05 per litre.

Previously, kerosene oil was available at Rs233.90 per litre.

Last week, the government announced a substantial reduction in fuel prices, cutting the rate of petrol by Rs74 per litre and diesel by Rs67 per litre amid a sharp decline in international crude oil prices and easing geopolitical tensions in the Middle East.

The relief package was announced by Prime Minister Shehbaz Sharif, with the reductions aimed at passing on the benefit of lower global oil prices to consumers.

The price cuts followed the US-Iran peace agreement, facilitated through Pakistan's diplomatic efforts, and the subsequent reopening of the Strait of Hormuz, a key global energy transit route that helped ease concerns over oil supplies and contributed to a decline in international crude prices.

The government had also reduced the price of kerosene by Rs48.29 per litre, bringing it down to Rs233.90 per litre from Rs282.19 per litre.

Petrol is mainly used by commuters in small vehicles, rickshaws and two-wheelers. Higher fuel prices significantly impact the budgets of middle and lower-middle-class households, who rely on petrol for daily travel.

On the other hand, a significant portion of the transport sector relies on high-speed diesel. Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.