The government announced a decrease in the prices of High-Speed Diesel (HSD) and Kerosene Oil on December 15, 2024. The new prices will come into effect on December 16, 2024.
The price of High-Speed Diesel has been reduced by PKR 3.05 per liter. This brings the new price of HSD to PKR 255.38 per liter. Similarly, the price of Kerosene Oil has been cut by PKR 3.32 per liter, making the new price PKR 161.66 per liter.
No Change in Petrol Price
The government has decided to keep the price of Petrol unchanged at PKR 252.10 per liter. This decision comes as the government continues to monitor the international market and adjust prices accordingly.
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OGRA’s Role in Price Adjustment
The Oil and Gas Regulatory Authority (OGRA) calculated the new prices based on fluctuations in the international market. According to a statement from the Ministry of Finance, the price adjustments reflect the changes in global oil prices.
Impact of Price Reductions
The reduction in HSD and Kerosene Oil prices is expected to provide some relief to consumers, especially those relying on diesel for transportation and agriculture. The price cut may also reduce the cost of goods and services that depend on transportation, including food and other essential items.
Global Oil Market Influences Local Prices
The adjustment in fuel prices comes after changes in the international oil market. The government closely monitors these price variations to ensure that local prices are aligned with global trends. The fluctuations in crude oil prices affect the cost of petroleum products, which ultimately impacts the local economy.
Why the Petrol Price Remains Unchanged
Despite the changes in HSD and Kerosene Oil prices, the price of petrol remains the same. The government is likely waiting for further developments in the international market before making any adjustments to petrol prices. The government aims to balance local price stability with global market conditions.
Government’s Commitment to Price Regulation
The government remains committed to regulating fuel prices and ensuring that any price changes are justified by market conditions. The Ministry of Finance emphasized that the price adjustments are aimed at keeping the public informed and ensuring fairness in pricing.
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