ISLAMABAD (Kashmir English): The federal government on Friday increased petrol and diesel prices for the next three days, after it enforced the new pricing mechanism to review the fuel prices on a daily basis.
As per the notification issued by the Petroleum Division, the petrol has been increased by Rs5.44 per litre and high-speed diesel (HSD) by Rs31.05 per litre.
Following the rise, the new petrol price is fixed at Rs316.15 per litre, and diesel at Rs354.35 per litre.
The notification further stated that the new fuel prices will take effect on Saturday, July 18, and remain applicable until July 20.
In the previous weekly review, the government increased the prices of petrol and diesel by Rs13.18 and Rs13.80 per litre, setting the price at Rs310.71 and Rs323.30, respectively.
The revised fuel prices were announced after the federal government enforced a daily review mechanism for the petroleum products rates.
New pricing mechanism
Addressing a press conference earlier today, Petroleum Minister Ali Pervaiz Malik said the Oil and Gas Regulatory Authority (Ogra) will determine the fuel prices daily based on the international market and will be updated on its website
“The decision was taken by Prime Minister Shehbaz Sharif and the federal cabinet,” he added.
He further said that the cabinet has decided to bring transparency to the entire system of fuel prices, stating that “Ogra would not just publish the fuel rates on its website, but also publish the factors leading to the price that we see in each petrol pump.”
“The interests of all stakeholders will be taken into consideration with transparency, whether the price will fall or rise, or relief will be transferred to the people immediately,” Malik said.
He further said that the daily price review will be decided according to a seven-day weekly average in the international market.
Following the announcement of this policy, the All Pakistan Petrol Pump Owners Association (APPPOA) rejected the federal government’s new petroleum price deregulation policy and warned of a nationwide strike if the decision is not reconsidered.
Association Chairman Noman Ali Butt said petrol pump owners across the country oppose the proposed policy and would consider launching protests and a strike next week if the government proceeds with its implementation.
“If the decision is not withdrawn, they will consider protesting and striking next week,” Butt said.
