The price of petrol has been fixed at Rs 327.12. per liter while HSD will now cost Rs 375.04.
ISLAMABAD:
The government on Wednesday hiked the prices of petrol and high-speed diesel (HSD) by Rs6.39 and Rs7.83 per liter respectively for July 23.
The latest revision came hours after the government and the All Pakistan Petrol Pump Owners Association agreed to postpone the association’s planned nationwide shutdown for two weeks following successful talks with Petroleum Minister Ali Pervaiz Malik, who assured dealers that their long-pending concerns would be addressed.
According to a release from the Ministry of Petroleum, the price of petrol has been fixed at Rs 327.12. per liter while HSD will now cost Rs 375.04. per litre.
This is the third consecutive day that the government has revised the prices of petrol and HSD after it decided last week to switch to a daily fuel price revision 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 prices to align with international standards.
Meanwhile, the All Pakistan Petrol Pump Owners Association (APPPOA) on Wednesday postponed its planned nationwide shutdown for two weeks after successful talks with Petroleum Minister Ali Pervaiz Malik, who assured traders that their pending concerns would be addressed.
Addressing a joint press conference with the minister, union secretary Nadeem Khan said the decision to withdraw the strike call was taken in view of the escalating regional crisis and the potential hardship it could cause the public.
“We reconsidered our decision keeping in mind the escalating crisis caused by the war situation and the hardships people are facing,” Khan said. He added that the minister had assured the association that its long-pending demand for a review of dealers’ profit margins, which had been awaiting action since 2022, would be met.
Khan said the assurance had also been formalized through a written agreement. “We have full confidence in Ali Pervaiz and hope that our commission-related issue will be resolved,” he said.
Referring to the government’s daily petroleum pricing 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 merits and demerits would be reviewed. He said the government would assess whether the mechanism caused undue hardship to the public before deciding whether to continue or reconsider it.
On the basis of these assurances, Khan said, the association had decided to postpone its shutdown call to spare the public inconvenience and expressed hope that its outstanding issues would be resolved after the two-week review period.
Addressing the presser, Malik acknowledged the difficulties both consumers and petrol pump dealers are facing due to rising oil prices. He thanked petrol pump dealers, their association and 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 put renewed 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 assistance of the Oil and Gas Regulatory Authority (Ogra), the government would start publishing a detailed Urdu-language breakdown of each component that contributes to petroleum price hikes on the regulator’s website to ensure greater transparency.
