Government of Pakistan Adjusts Petroleum Product Prices Effective from August 1, 2024
In response to the fluctuating international market prices of petroleum products, the Government of Pakistan has announced new consumer prices to be effective from August 1, 2024. This adjustment is aimed at reflecting the variations in global prices and exchange rates over the last fortnight. The Oil and Gas Regulatory Authority (OGRA) has meticulously calculated the new prices, which have been discussed and approved by the Ministry of Energy (Petroleum Division) and the Finance Division.
New Petroleum Prices
The proposed prices, which have been submitted for the Prime Minister’s approval, reflect notable decreases across various petroleum products. The specific changes are as follows:
- High Speed Diesel (HSD): The price is set to decrease from Rs. 283.63 per liter to Rs. 272.77 per liter, a reduction of Rs. 10.86, translating to a 3.83% decrease.
- MS (Petrol): The price will be reduced from Rs. 275.60 per liter to Rs. 269.43 per liter, marking a reduction of Rs. 6.17, equivalent to a 2.24% decrease.
- Kerosene (SKO): The new price will be Rs. 177.39 per liter, down from Rs. 183.71 per liter, a decrease of Rs. 6.32 or 3.44%.
- Light Diesel Oil (LDO): The price will drop from Rs. 166.25 per liter to Rs. 160.53 per liter, showing a reduction of Rs. 5.72, which is a 3.44% decrease.
Government’s Commitment
This adjustment highlights the government’s commitment to aligning domestic petroleum prices with international market trends, ensuring fair pricing for consumers while considering the economic implications. The Ministry of Energy (Petroleum Division) and OGRA continue to monitor the global market to provide timely updates and necessary adjustments.
Conclusion
The Finance Division has forwarded the proposal, which has been reviewed and authorized for submission to the Prime Minister by the Minister for Finance and Revenue. With these new adjustments, the government aims to alleviate the financial burden on consumers, reflecting its ongoing efforts to manage the economic impact of global oil price fluctuations on the domestic market.
Approval of the proposal is anticipated, which will officially set the new prices in effect from August 1, 2024. This decision is expected to be well-received by the public, providing some relief amidst the current economic challenges.
Imdad Ullah Bosal, Finance Secretary, has confirmed the submission of the summary to the Prime Minister for final approval.
