Price of petrol has been fixed at Rs327.12 per litre, while HSD will now cost Rs375.04 per litre
ISLAMABAD:
The government on Wednesday increased the prices of petrol and high-speed diesel (HSD) by Rs6.39 and Rs7.83 per litre, respectively, for July 23.
The latest revision came hours after the government and the All Pakistan Petrol Pump Owners Association reached an agreement to postpone the association’s planned nationwide shutdown for two weeks following successful negotiations with Petroleum Minister Ali Pervaiz Malik, who assured dealers that their long-pending concerns would be addressed.
According to a notification issued by the Ministry of Petroleum, the price of petrol has been fixed at Rs327.12 per litre, while HSD will now cost Rs375.04 per litre.
This is the third consecutive day the government has revised the prices of petrol and HSD after deciding last week to switch to a daily fuel price review 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 rates to align with international standards.
Meanwhile, the All Pakistan Petrol Pump Owners Association (APPPOA) on Wednesday postponed its planned nationwide shutdown for two weeks following successful negotiations with Petroleum Minister Ali Pervaiz Malik, who assured the dealers that their long-pending concerns would be addressed.
Addressing a joint press conference with the minister, association secretary Nadeem Khan said the decision to withdraw the strike call was made in view of the escalating regional crisis and the potential hardship it could cause the public.
“We reconsidered our decision keeping in view the escalating crisis caused by the war situation and the difficulties faced by the people,” 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 addressed.
Khan said the assurance had also been formalised through a written agreement. “We have complete 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 difficulties for 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 from inconvenience, expressing hope that its outstanding issues would be resolved after the two-week review period.
Addressing the presser, Malik acknowledged the difficulties being faced by both consumers and petrol pump dealers because of rising oil prices. He thanked petrol pump dealers, their association and oil marketing companies for supporting the government during difficult times.
The minister said the region was once again facing the threat of war, which had created 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 begin publishing a detailed Urdu-language breakdown of every component contributing to petroleum price increases on the regulator’s website to ensure greater transparency.
