Overview
The next fortnight’s decision for petrol prices will be announced today. Different media reports are predicting a reduction in petrol and diesel prices. As per their prediction petrol price will reduce by Rs. 7/liter and diesel price will come down by Rs. 10/liter.
The government will announce the decision through a notification only as it continues for months in Pakistan. Sadly, the slump in fuel prices not coming as it’s hikes. The ongoing prices are never seen in the past. Although petroleum prices increased in the global market the devaluation of the rupee value is a bigger reason we are suffering from inflation.
OGRA Proposal
The Oil and Gas Regulatory Authority (OGRA) has proposed to the finance ministry to reduce fuel prices. However, there is no official statement issued by the finance ministry it might be received in the next few hours after consulting the recommendation with Prime Minister. The prices of petrol in Pakistan will be issued after the final approval of the Prime Minister.
Russian Crude Oil
Last month the Ministry of Petroleum Musadik Malik confirm that Pakistan has placed its first order for Russian Crude oil and the shipment will reach Pakistan next month. Earlier this month Pakistan Petroleum Association Khawaja Asif Mehmood told the media that the shipment of Russian oil will reach Karachi port in the third week of this month. Meanwhile, we have explained the details talk of the ministry in our previous blog.
Russian crude oil is a big hop for the citizens. As the different reports suggest that the prices will come down by up to Rs. 100/liter.
Current Petrol Prices
In the previous fortnight’s petroleum price decision, the government retained the petrol price. Meanwhile, the Kerosene Oil and Light Diesel Oil prices reduced by Rs. 10/liter each. The current prices are as follows:
- The current petrol price is Rs. 282/liter.
- Meanwhile, High-Speed Diesel’s current price is Rs. 288/liter after the reduction of Rs 5/liter.
- Kerosene Oil price was reduced by Rs 10/liter and it costs you Rs. 176.07.
- Light Diesel Oil price also reduced by Rs. 10/liter and stands at Rs. 164.68/liter.
Conclusion
There are several times we hope for a huge down in prices but the official prices will only confirm after the Ministry announcement through television news. The prices of petrol become a big topic since there is no control over the price hike. However, we should wait for the ministry orders regarding the petrol prices for next fortnight.
