Ogra’s decision keeps fuel prices steady as global market fluctuations stabilize

In a move aimed at stabilising domestic fuel prices, the federal government has announced that the prices of petrol and diesel will remain unchanged for the next fortnight. The Oil and Gas Regulatory Authority (Ogra) made the decision based on recent trends in the international market, as detailed in a notification issued by the Finance Division on November 15, 2024.

The price of petrol will remain at Rs248.38 per litre, while the price of high-speed diesel (HSD) will stay at Rs255.14 per litre. These prices come after a modest increase in the previous fortnight, when petrol saw a rise of Rs1.35 per litre and HSD was increased by Rs3.85 per litre.

While the prices of petrol and diesel have been maintained, other petroleum products have experienced price reductions. The price of kerosene oil has decreased by Rs1.48, now priced at Rs161.54 per litre, while the price of light-diesel oil has been cut by Rs2.61, bringing it down to Rs147.51 per litre.

The decision to keep petrol and diesel prices stable comes as a relief to consumers, particularly those from the middle and lower-middle classes, who are heavily reliant on petrol for daily commuting. With petrol primarily used in small vehicles, rickshaws, and two-wheelers, any fluctuations in its price can significantly impact household budgets.

Similarly, high-speed diesel, which fuels heavy transport and agricultural machinery, remains a key factor in inflationary pressures. Its price increase directly affects the costs of transporting goods, including vegetables and food products, driving up living expenses for consumers across Pakistan.

The government’s decision aligns with its ongoing efforts to balance the impact of global oil price fluctuations on local markets. While fuel prices in Pakistan remain sensitive to international trends, authorities are attempting to manage the domestic market through timely adjustments.