The federal government has resolved to keep fuel prices steady for the coming fortnight.
Finance Minister Ishaq Dar unveiled this decision in a televised address on Thursday.
Dismissing the media speculation around fuel prices, Dar clarified that the decision had been made considering international rates. In recent days, there’s been a minor uptick in the global prices of crude oil and gas, as noted by the minister.
Despite the recent increases in international prices, the government has reduced the domestic prices of diesel and petrol by Rs35 and Rs20, respectively, over the past month.
Minor Adjustment in Light Diesel Oil Prices
Contrary to the trend, the price of light diesel oil has increased by Rs2.52, marking the new price at Rs150.20 per liter, effective tomorrow.
Subheading 5: “Price Stability to Continue till End of June”
The current prices are planned to remain constant until June 30, as the finance minister indicates.
Subheading 6: “Context: Previous Fuel Price Adjustments”
During the last fuel price review on May 31, the government reduced the prices of petroleum products by up to Rs8 per liter. Rs8 reduced petrol prices to Rs262 per liter, and Rs5 reduced diesel to Rs253 per liter.
Inflation and Currency Depreciation
The government’s decision to maintain fuel prices amidst increasing pressure due to soaring petrol prices, which hit a record high of Rs282 per liter earlier this year, and the region’s highest inflation rate. Although a recent dip in global oil prices has brought some relief, the depreciating rupee continues challenging the government’s efforts to stabilize prices.
