In a bid to play a new political gimmick, the incumbent government decided not to change petrol prices ahead of by-polls. In his video statement, newly appointed Finance Minister Ishaq Dar stated that the government has decided to retain petrol prices for the next fortnight.
Finance minister Ishaq Dar received a summary moved by the Oil and Gas Regulatory Authority (OGRA). He said that he decided to keep the petrol price unchanged after consulting with Prime Minister Shahbaz Sharif.
Current Petrol Price in Pakistan
On September 30, newly appointed Finance Minister Ishaq Dar announced a massive slash of Rs. 12.63 in petrol prices in Pakistan
Petrol now costs Rs. 224.80/liter from the previous rate of Rs. 237.43/liter.
Meanwhile, the price of HSD was dropped by Rs. 12.13/liter, after which the new price is Rs. 235.30/liter.
Similarly, LDO and kerosene oil prices decreased by Rs. 10.19 and Rs. 10.78, respectively. Kerosene oil now costs Rs. 191.83/liter, while the new price of light-speed diesel is Rs. 186.50/liter.
Global Petroleum Prices
Although the crude oil price in the international market has come down in the last couple of weeks because of refining capacity constraints, refining margins and premiums on HSD had increased during the same period, leading to a higher cost impact on HSD imports in Pakistan.
Meanwhile, the crude oil price has again started to increase after the major oil exporting countries announced production cuts. However, these would translate to a price change in Pakistan from November 1.
