No change in prices of petroleum products for next fortnight: Ishaq Dar

Finance Minister Ishaq Dar said Saturday that the government will maintain the prices of petroleum products for the next fortnight.

In a press conference, he added that international oil prices are on an uptrend due to which the Oil and Gas Regulatory Authority (OGRA) sought an increase in domestic rates of petroleum products. The government, however, rejected the increase, he said.

The price of petrol will remain unchanged at Rs214.8 per litre while diesel will be sold at Rs227.80 per litre till mid-January 2023.

Kerosene oil will be sold at Rs171.83 per litre while light diesel oil will be sold at Rs169 per litre.

“Kerosene is used by the low-income segment for heating needs,” Dar said.

Earlier, the market anticipated no change in the prices of petroleum products.

On December 15, Finance Minister Ishaq Dar announced that the price of petrol was being reduced by Rs10 and diesel was being brought down by Rs7.5 per litre, Aaj News reported. Following the reduction, the price of petrol fell to Rs214.8 per litre, while that of diesel dropped to Rs227.80 per litre with effect from December 16.

“The prime minister wants that we should pass maximum relief to the public and we have been implementing that since October 30," he said in a televised address.

“According to our calculations, petrol prices — that are Rs224.80 — will be reduced by Rs10 to Rs214.8 after midnight. High-speed diesel will be decreased by Rs7.5 to Rs227.80,” the finance minister said.

Dar said that kerosene oil would cost Rs171.83 after a decrease of Rs10 and the price of light diesel oil would be reduced by Rs10 to Rs169 per litre as well.