Petrol and fuel prices to remain unchanged ‘until further orders’

Following a weekly assessment on Friday, the federal government decided to keep petrol and diesel prices unchanged.

According to a Petroleum Division statement, the price of petrol was maintained at Rs299.50 per litre, while diesel stayed at Rs311.47 per litre.

Last week, the government announced a significant fall in gasoline prices, lowering petrol by Rs74 per litre and diesel by Rs67 per litre, citing a steep drop in worldwide crude oil prices and improving geopolitical tensions in the Middle East.

Prime Minister Shehbaz Sharif unveiled the relief package, which includes reductions intended at passing on the benefits of decreased world oil costs to people.

The price decreases came after the US-Iran peace accord, enabled by Pakistan’s diplomatic efforts, and the subsequent reopening of the Strait of Hormuz, a crucial global energy transit route that helped alleviate concerns about oil supply and contributed to a drop in worldwide crude prices.

The government also decreased the price of kerosene by Rs48.29 per litre, to Rs233.90 per litre from Rs282.19 per litre.

Petrol is mostly utilized by commuters in tiny vehicles such as rickshaws and two-wheelers. Higher fuel costs have a substantial influence on the budgets of middle and lower-middle-class households, which rely on gasoline for everyday transportation.

On the other hand, a large percentage of the transportation industry is dependent on high-speed diesel. Its price is deemed inflationary since it is mostly utilized in heavy-duty transport vehicles, trucks, buses, railroads, and agricultural machinery such as tractors, tube wells, and threshers.