Govt keeps petrol price unchanged for next fortnight

No relief for consumers for the next fortnight as the federal government on Thursday announced to keep petrol price unchanged at Rs252.63 per litre following the decision to transfer relief.

The government, however, slashed the high speed diesel by Rs2 per litre, according to a notification issued by the finance division. New price of HSD now stands at Rs254.64 per litre.

According to the notification, the price of kerosene has been cut by Rs5.04 to Rs164.65 per litre, while light diesel oil has been reduced from Rs155.33 to Rs150.65 per litre.

The development came after the Economic Coordination Committee (ECC) decided to transfer relief from the price reduction of petroleum products to refineries, OMCs (oil marketing companies), and dealers for the upcoming two weeks.

Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel.

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.