Islamabad: The federal government has announced that the prices of petrol and high-speed diesel (HSD) will remain unchanged for the next fortnight, starting November 16.
The Finance Division issued a notification stating that the Oil and Gas Regulatory Authority (OGRA) calculated the prices of petroleum products based on international market trends over the last two weeks. According to the notification, petrol will cost Rs248.38 per litre, while HSD will remain at Rs255.14 per litre.
Recent Price Changes
During the previous fortnight, the government had increased petrol prices by Rs1.35 per litre and HSD by Rs3.85 per litre.
However, prices for other petroleum products were reduced. Kerosene oil saw a decrease of Rs1.48, bringing its price to Rs161.54 per litre. Similarly, the price of light-diesel oil dropped by Rs2.61, now costing Rs147.51 per litre.
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Petrol and Diesel Usage
Petrol is predominantly used in private vehicles, motorcycles, rickshaws, and small cars. Its pricing affects middle- and lower-middle-class commuters, who rely heavily on petrol for daily travel.
High-speed diesel, however, is a key fuel for heavy transport vehicles, including trucks, buses, and agricultural machinery like tractors and threshers. Its price has a significant impact on transportation costs, particularly for goods and food items.
Inflationary Impact
The high cost of HSD contributes to rising inflation. It directly affects the prices of vegetables and essential commodities. Heavy transport vehicles using HSD are crucial for moving goods across the country. As a result, any changes in HSD prices ripple through the economy, influencing the cost of living for ordinary citizens.
No Immediate Relief
The government’s decision to maintain the current prices brings no immediate relief to consumers already grappling with high inflation. Analysts believe that global oil price trends and the rupee-dollar exchange rate will continue to play a critical role in shaping future petroleum prices.
This decision will likely spark debate about its economic impact, especially on vulnerable segments of society.
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