Petrol price increased by 88 paisas, diesel cut by Rs1.88

The federal government has revised the prices of petrol and high-speed diesel following a notification issued by the Oil and Gas Regulatory Authority (OGRA).

According to the notification, the price of petrol has increased by 88 paisas per litre, while the price of high-speed diesel has been reduced by Rs1.88 per litre.

Following the revision, the new price of petrol has been fixed at Rs393.64 per litre.

The price of high-speed diesel has been reduced to Rs397.76 per litre.

The revised prices will remain effective until the next review expected tomorrow, according to the notification.

Petroleum Minister Ali Pervaiz Malik has warned of a possible gas shortage in Pakistan during the coming winter due to disruption in LNG supplies from Qatar, saying the government is considering measures to provide relief to consumers.

Malik has said that the government was taking steps to ensure adequate gas availability and had informed Prime Minister Shehbaz Sharif about the measures that needed to be taken.

He warned that timely action was necessary to avoid difficulties in arranging gas supplies during the winter.

The minister’s remarks came amid reports of disruption in LNG supplies from Qatar, with concerns also being raised over possible gas shortages during the winter.

The minister has said that he had submitted recommendations on providing relief to gas consumers similar to the relief being offered on petrol.

“I can only give recommendations on the gas issue; the decision has to be taken by the prime minister and the cabinet,” the minister said, adding that he could not disclose the recommendations before a decision was taken.

Malik has said the government was also working to ensure sufficient supplies of liquefied petroleum gas (LPG).

He has added that Saudi oil giant Aramco determines the contract price, known as the Saudi CP, for LPG and had increased it from $640 to $705 per tonne this time.

Petrol price relief

Meanwhile, the petroleum minister has also said the government was aware of the difficulties being faced by the public.

He said the increase had been necessitated by higher international oil prices but assured consumers that relief would be provided as soon as prices in the international market declined.

“The government will provide relief to the people as soon as prices in the international market come down,” he said.

Malik said the government had already provided a petrol subsidy during the difficult period and that the Rs100-per-litre fuel relief scheme was continuing.

More than nine million citizens had registered their vehicles and were benefiting from the subsidy, he said.