By Staff Reporter
ISLAMABAD: The government has raised the price of petrol by Re1 to Rs253.63 per litre for the next 15 days, effective June 1, while leaving high-speed diesel prices unchanged at Rs254.64 per litre, even as global oil markets remain largely subdued.
The Finance Division issued a notification stating that the new rates were decided “based on the recommendations of Ogra and the relevant ministries.” The adjustment lifts petrol from its previous level of Rs252.63 per litre, a modest increase that follows a fortnight of stable pricing for the fuel.
Two weeks ago, the government kept petrol unchanged but cut the price of high-speed diesel by Rs2 per litre.
Global oil markets offered little pressure for the hike. US crude futures slipped on Friday as traders anticipated an Opec+ decision on Saturday to ramp up output for July beyond earlier projections.
Brent crude futures settled at $63.90 a barrel, down 25 cents or 0.39%, while West Texas Intermediate crude closed at $60.79 a barrel, off 15 cents or 0.25%, after earlier dipping more than $1.
The Re1 increase in petrol prices is likely to weigh on middle- and lower-middle-class households, who depend on the fuel for private transportation, including small vehicles, rickshaws, and two-wheelers.
Meanwhile, the unchanged diesel price may ease concerns in the transport and agricultural sectors, where high-speed diesel powers trucks, buses, trains, and machinery like tractors and tube wells. Diesel costs heavily influence vegetable and food prices, making its stability a potential buffer against inflation.
In a separate move, the Oil and Gas Regulatory Authority (Ogra) notified a decrease in liquefied petroleum gas (LPG) prices by Rs4.62 per kilogram, or 1.88%, for June.
The price of an 11.8kg cylinder dropped to Rs2,838.31 from Rs2,892.91 in May, a reduction of Rs54.6. Consumers will now pay Rs240.53 per kilogram, down from Rs245.16 last month. Ogra attributed the cut to a 2.67% decline in Saudi Aramco’s contract price, slightly offset by a 0.35% rise in the US dollar exchange rate.
This follows a Rs3.20 per kilogram reduction in May, offering continued relief for households reliant on LPG for cooking.
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