The federal government announced a small relief of fuel prices for the next two weeks for the Pakistan consumers. According to an official notification, petrol price has been lowered by PKR 0.50 a litre which sets the new rate at PKR 255.63 per litre. High-speed diesel (HSD) has been lowered by PKR 5.31 per litre and the new rate is PKR 258.64 per litre. Kerosene oil has also been lowered by PKR 3.530 thus setting the new rate at PKR 168.12 per litre.
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This dynamic change is part of the government’s regular changes in the prices of fuel regulated by the international oil market trends and domestic economy factors. Oil prices fell over 1% on foreign shores due to tariff concerns originating in the United States, Iraq’s resumption of oil exports from Kurdistan and uncertainty about OPEC’s production plans.
The Pakistani Petroleum Dealers Association vehemently opposes deregulation of petroleum prices, they argue this will increase smuggling and the flow of substandard fuel into the market.
The Government has also announced plans to allow oil refineries to blend up to 5% of ethanol with petroleum products to lower costs. The association has urged authorities to begin talks before such a change is made.
