The price of petrol has been fixed at Rs 327.12 per litre, while HSD will now cost Rs 375.04 per litre.
ISLAMABAD:
The government on Wednesday increased the prices of petrol and high speed diesel (HSD) by Rs 6.39 and Rs 7.83 per litre, respectively, for July 23.
The latest review came hours after the government and the Pakistan Petrol Pump Owners Association reached an agreement to postpone the association’s planned nationwide lockdown for two weeks following successful negotiations with Petroleum Minister Ali Pervaiz Malik, who assured dealers that their long-pending concerns would be addressed.
According to a notification issued by the Ministry of Petroleum, the price of petrol has been fixed at Rs 327.12 per litre, while HSD will now cost Rs 375.04 per litre.
This is the third consecutive day that the government has reviewed petrol and HSD prices after deciding last week to switch to a daily fuel price review mechanism amid volatility in global oil prices following renewed hostilities in the Middle East.
Under the new system, daily fuel prices are based on a seven-day average of international market rates to align with international standards.
Meanwhile, the Pakistan Petrol Pump Owners Association (APPPOA) on Wednesday postponed its planned nationwide shutdown for two weeks following successful negotiations with Petroleum Minister Ali Pervaiz Malik, who assured dealers that their long-pending concerns would be addressed.
In a joint press conference with the minister, association secretary Nadeem Khan said the decision to withdraw the strike call was taken in view of the escalating regional crisis and the possible difficulties it could cause to the public.
“We reconsidered our decision keeping in mind the escalating crisis caused by the war situation and the difficulties faced by the people,” Khan said. He added that the minister had assured the association that their long-pending demand for a review of distributors’ profit margins, which had been pending since 2022, would be addressed.
Khan said the guarantee had also been formalized through a written agreement. “We have complete confidence in Ali Pervaiz and hope that our issue related to the commission will be resolved,” he said.
Referring to the government’s daily oil price fixing mechanism, the secretary said the minister had also assured the association that the policy would continue on a trial basis for two weeks, after which its advantages and disadvantages would be reviewed. He said the government would assess whether the mechanism caused undue hardship to the public before deciding whether to continue it or reconsider it.
Based on these assurances, Khan said, the association had decided to postpone its closure call to avoid inconvenience to the public, expressing hope that its outstanding issues would be resolved after the two-week review period.
Addressing the press, Malik acknowledged the difficulties faced by both consumers and gasoline distributors due to rising oil prices. He thanked the petrol pump distributors, their associations and the oil marketing companies for supporting the government in difficult times.
The minister said the region was once again facing the threat of war, which had created new pressure on oil prices. “In this situation, we have collectively decided to move forward in a transparent and fair manner during this difficult period,” he said.
Malik added that with the help of the Oil and Gas Regulatory Authority (Ogra), the government would start publishing a detailed breakdown in Urdu of each component contributing to the rise in oil price on the regulator’s website to ensure greater transparency.
