The price of petrol has been fixed at Rs 327.12 per liter, while HSD will now cost Rs 375.04 per litre.
ISLAMABAD:
The government on Wednesday increased the prices of petrol and high speed diesel (HSD) by Rs 6.39 and Rs 7.83 per litre, respectively, for July 23.
The latest revision came hours after the government and the All Pakistan Petrol Pump Owners Association reached an agreement to postpone the association’s planned nationwide shutdown by two weeks, following successful negotiations with Oil Minister Ali Pervaiz Malik, who assured dealers that their long-standing concerns would be addressed.
According to a notification issued by the Petroleum Ministry, the price of petrol has been fixed at Rs 327.12 per liter, while HSD will now cost Rs 375.04 per litre.
This is the third consecutive day that the government has revised gasoline and HSD prices after deciding last week to move to a daily fuel price review mechanism amid volatility in global oil prices following the resumption of hostilities in the Middle East.
Under the new system, daily fuel prices are based on a seven-day average of international market rates to align with international standards.
Meanwhile, the All Pakistan Petrol Pump Owners Association (APPPOA) on Wednesday postponed the planned nationwide shutdown by two weeks following successful negotiations with Oil Minister Ali Pervaiz Malik, who assured dealers that their long-standing concerns would be addressed.
Addressing a joint press conference with the minister, association secretary Nadeem Khan said the decision to withdraw the strike call was taken in view of the escalating regional crisis and the potential hardship it could cause to the public.
“We reconsidered our decision taking into account the escalating crisis caused by the war situation and the difficulties faced by the people,” Khan said. He added that the minister had assured the association that its long-standing demand for a review of dealer profit margins, which had been awaiting action since 2022, would be met.
Khan said the assurance was also formalized through a written agreement. “We have full confidence in Ali Pervaiz and hope that our commission issue will be resolved,” he said.
Referring to the government’s daily oil pricing mechanism, the secretary said the minister also assured the association that the policy would continue on a trial basis for two weeks, after which its pros and cons would be examined. He said the government would assess whether the mechanism caused undue hardship to the public before deciding whether to maintain or reconsider it.
Based on these assurances, Khan said, the association decided to postpone its call for closure to avoid inconvenience to the public, expressing hope that its outstanding issues would be resolved after the two-week review period.
Speaking to the press, Malik acknowledged the difficulties faced by both consumers and petrol pump dealers due to rising oil prices. He thanked the petrol pump dealers, their association and the oil marketing companies for their support to the government during the difficult times.
The minister said the region was once again facing the threat of war, which had created new pressure on oil prices. “In this situation, we have collectively decided to move forward in a transparent and fair manner during this difficult time,” he said.
Malik added that with the help of the Oil and Gas Regulatory Authority (Ogra), the government would start publishing a detailed breakdown in Urdu language of each component contributing to the increase in oil prices on the regulator’s website to ensure greater transparency.
