ISLAMABAD: The federal government on Sunday announced to keep the price of petrol unchanged until December 31.

The price of petrol will remain unchanged at Rs252.10 per litre for the next fortnight, according to a statement issued by the finance division.

However, the government announced a reduction in the price of high-speed diesel by Rs3.05 to Rs255.38 per litre.

Similarly, the prices of kerosene and light diesel were slashed by Rs3.32 and Rs2.78 to Rs161.66 per litre and Rs148.95 per litre, respectively.   

“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer price of petroleum products in view of the fluctuations in the in international market in the last fortnight,” read the notification issued by the Finance Division.

The adjustments are based on the first 15 days of the current month, reflecting international market volatility due to the recent regime change in Syria.

Currently, the crude oil and POL products in the international market are available in abundance, but demand is lower.

In the previous fortnightly review, the federal government increased the price of petrol by Rs3.72 per litre. Petrol price was increased from Rs248.38 to Rs252.10 per litre. The price of HSD was also increased from Rs255.14 per litre to Rs258.43, a rise of Rs3.29.

Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting.

On the other hand, a significant portion of the transport sector relies on high-speed diesel. Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.