KARACHI: The government on Friday announced a reduction in the per liter prices of petrol and high-speed diesel by Rs10.2 and Rs2.33, respectively, in a move described as a “major Eid gift” for people by Prime Minister Shehbaz Sharif’s administration.
Pakistan sets fuel prices on a fortnightly basis, adjusting for fluctuations in the international energy market and rupee-dollar parity, allowing the government to pass on the effects to consumers.
Two weeks ago, the prime minister promised substantial relief, saying his administration would cut the costs of petrol and diesel by Rs15.4 and Rs7.9, respectively.
However, the notification released by the finance division surprised everyone, as it only reduced the per liter prices of petrol and diesel by Rs4.74 and Rs3.86.
“The prices of Petroleum products have seen a mixed trend in the international market during the last fortnight,” said the finance division in the latest notification. “The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.”
The notification listed down the new petrol and diesel prices applicable from Saturday, June 15, as Rs258.16 and Rs267.89, reflecting the decrease of Rs10.2 and Rs2.33, respectively.
“On the occasion of Eid Al-Adha, Prime Minister Muhammad Shehbaz Sharif announces a major Eid gift for the public,” the government announced in a social media post. “There is a significant reduction in the price of petrol by 10 rupees and 20 paise per liter, and a decrease in the price of diesel by 2 rupees and 33 paise per liter.”
“So far, a total relief of 35 rupees per liter on petrol has been provided to the public,” it added.
https://x.com/GovtofPakistan/status/1801684952314175803
Fuel prices are crucial in every economy, and they have become particularly significant for Pakistan, which has experienced high inflation recently.
This situation has transformed fuel pricing into not only an economic issue but also a politically sensitive one, as it impacts the cost of living and influences public sentiment toward the government.
Pakistan announces ‘major Eid gift’ for public by reducing petrol price by over Rs10 per liter
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Pakistan announces ‘major Eid gift’ for public by reducing petrol price by over Rs10 per liter
- Government sets fuel costs on a fortnightly basis after reviewing international prices, rupee-dollar parity
- PM Sharif’s administration says it has so far given a total relief of Rs35 rupees on petrol to Pakistani people
Pakistan PM gives 48 hours to draft fuel-saving plan as global oil prices surge
- Government warns against hoarding after sharp fuel price hike amid Middle East tensions
- PM wants provinces to enforce anti-profiteering measures and prevent public exploitation
ISLAMABAD: Prime Minister Shehbaz Sharif has asked his administration to formulate a strategy for fuel conservation and austerity in government affairs within 48 hours after a sharp rise in global oil prices pushed the country to increase domestic fuel rates, a senior minister said on Saturday.
The directive comes a day after the government raised petrol and diesel prices by Rs55 ($0.20) per liter, citing a surge in international energy prices triggered by escalating conflict in the Middle East after Israel and the United States launched attacks on Iran. The situation has rattled global oil markets and threatened key shipping routes.
Pakistan’s Information Minister Ataullah Tarar said Sharif had instructed officials to urgently prepare a practical plan aimed at reducing fuel consumption and promoting austerity across government institutions.
“The prime minister has given 48 hours to formulate an actionable strategy on savings, austerity and simplicity in government affairs,” he said in a social media post on X.
Tarar said Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervaiz Malik had also been tasked with consulting the country’s four provincial chief ministers to coordinate measures against fuel hoarding and ensure strict enforcement of government directives.
He informed the ministers had been asked to ensure that speculation and profiteering in fuel markets were prevented, adding that authorities would take strict action against violators.
“The prime minister has directed that no leniency be shown to elements involved in exploiting the public,” he said, warning that licenses of those petrol pumps violating government orders could be revoked.
Tarar also urged the public not to pay attention to rumors regarding petroleum supplies or pricing, saying the government and relevant ministries would continue to release verified information as the situation evolves.
He said Pakistan was not alone in facing rising energy costs, noting that many countries were grappling with similar pressures due to volatility in global oil markets.
Pakistan relies heavily on imported fuel to meet its energy needs and is particularly vulnerable to global price shocks, which can quickly push up inflation and strain the country’s fragile external accounts.
