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ISLAMABAD: The interim government on Thursday decided to keep the petrol price unchanged but slashed ex-depot prices of rest of the petroleum products with effect from December 1-15, 2023. In fortnightly price review, the interim government announced that it will keep the price of petrol in first half of December at Rs 281.34 per litre.

The price of high speed diesel (HSD) which has inflationary impact has gone down by Rs 7 per litre. The new ex-depot price has been fixed at Rs 289.71 per litre which was Rs 296.71 per litre in November’s second half.

The price of kerosene oil widely used in defence sector and remote areas for cooking purposes has also gone down by Rs 3.82 per litre.

The new price has been set at Rs 201.16 per litre instead of previous price of Rs 204.98 pr litre.

The light diesel oil (LDO) has also reduced by Rs 4.52 per litre from Rs 180.45 to Rs 175.93 per litre.

In a late night statement, the Finance Division said: “The government decided to revise the prices of petroleum products for the fortnight from December 1, 2023 as recommended by Oil and Gas Regulatory Authority (OGRA).

According to estimates of oil marketing companies, the government allowed Pakistan State Oil (PSO) exchange rate adjustment on petrol zero and Rs 1.80 per litre on HSD.

The prices are calculated based on current rate of petroleum levy (PL), general sale tax (GST) and consumption of fuel. The government is charging maximum limit of Rs 60 per litre both on petrol and HSD and zero rate of GST.

The government is anticipating that reduction in fuel prices will lead to increase in the consumption which ultimately help achieve PL Rs 869 billion budgetary target of fiscal year 2023-24 and boost economic activities.

In October 2023, the demand for petroleum products soared 25 percent to 1.26 million tons compared to the previous month, fuelled by a reduction in prices.

The oil and gas regulator recommends fuel prices on a fortnightly basis after evaluating fluctuation in the international oil market costs and the rupee-dollar parity to pass on the impact to consumers.

Copyright Business Recorder, 2023

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