Diesel price slashed by Rs32.63, petrol rate hiked

WEB DESK: The federal government on late Wednesday announced a major cut in the price of diesel while increasing the rate of petrol, according to a notification.

The price of high-speed diesel has been reduced by Rs32.63 per litre, bringing it down to Rs363.06 per litre, according to the notification issued by the Oil and Gas Regulatory Authority (OGRA).

Meanwhile, the price of petrol has been increased by Rs2.97 per litre, taking the new rate to Rs337.51 per litre.

The revised prices will come into effect from August 20 and will last until a new notification that is expected tomorrow.

Earlier in the day, the government hinted at a major reduction in the price of diesel, saying the cut would be around Rs32 per litre. The decision was taken following a major fall in international oil prices, Petroleum Minister Ali Pervaiz Malik and Information Minister Attaullah Tarar said during a joint media talk.

The petroleum minister said the government had utilised the available room within the tax structure to provide relief to the public.

He said diesel consumed in Pakistan was refined at local refineries before being supplied to oil marketing companies.

“Prime Minister Shehbaz Sharif issued instructions, and we held two to three virtual meetings with refinery owners,” Malik said, adding that the refineries had agreed to the government’s request.

“We have not left the people helpless in this difficult environment,” Malik said, adding that the prime minister had directed the government to provide maximum possible relief to the public.

Malik said he would visit refineries in Karachi with his team next week to explore measures to upgrade crude oil processing.

He added that the government would also examine ways to secure crude oil from friendly countries.

“Please show a little patience. We understand the difficulties you are facing,” the petroleum minister said.

Information Minister Attaullah Tarar said the prime minister had chaired a meeting on the issue earlier in the day.

“OGRA will announce a reduction of around Rs32 per litre in diesel prices shortly,” Tarar said.

He said the government was aware of the difficulties faced by the public and had provided subsidies whenever possible.

“Even in the most difficult circumstances, we prevented petrol prices from rising,” Tarar said.

On July 17, Pervaiz Malik had said fluctuations in international oil prices had become a regular feature amid the ongoing conflict in the Middle East. The government subsequently decided to determine petroleum product prices on a daily basis.