Petroleum Product Prices Revised, Diesel Cut by Rs32.63, Petrol Increased by Rs2.97

ISLAMABAD, August 20: The federal government has issued a notification revising the prices of petroleum products, reducing the price of high-speed diesel by Rs32.63 per litre while increasing the price of petrol by Rs2.97 per litre.

According to the Ministry of Petroleum, the revised prices will take effect immediately.

Prime Minister Muhammad Shehbaz Sharif had on Wednesday directed Federal Minister for Petroleum Ali Pervaiz Malik to consult all relevant stakeholders and explore measures to provide maximum relief to consumers through petroleum prices.

In compliance with the Prime Minister’s directions, the Petroleum Minister held a meeting in Karachi with representatives of the country’s oil refineries. The meeting discussed petroleum product prices, the international market situation, domestic refining, and possibilities of providing relief to consumers.

Representatives of the refining sector briefed the minister on issues facing the industry and shared their views regarding petroleum product prices. The minister stressed the importance of the domestic refining sector and the need to enhance local production, reduce dependence on imported fuel and increase refining capacity.

Later, the Petroleum Minister addressed a press conference and briefed the media about the government’s efforts regarding petroleum prices and the consultations held with representatives of the refineries. He said the government was making efforts to pass on the benefit of changes in international oil prices to consumers while also protecting the interests of the domestic refining industry.

Following consultations with the refineries and the completion of the relevant price-setting process, the federal government issued the notification revising petroleum product prices. Under the new notification, the price of diesel has been reduced by Rs32.63 per litre, while petrol has become Rs2.97 per litre more expensive.