ISLAMABAD: The Pakistani government has announced a reduction in the price of high-speed diesel by Rs3 per liter, while the price of petrol remains unchanged, according to the finance ministry on Sunday.
Pakistan reviews and adjusts petroleum prices every two weeks. Following the latest revision, a liter of diesel will now cost Rs255.38, while petrol will continue to be priced at Rs252.10 per liter.
Petrol is primarily used for private transport, including small vehicles, rickshaws, and motorcycles. Diesel, on the other hand, powers heavy transport vehicles and is crucial for the distribution of goods, including food. As such, any increase in diesel prices is seen as a key driver of inflation, particularly impacting the cost of vegetables and other essential items.
“The Oil and Gas Regulatory Authority has adjusted the consumer prices of petroleum products based on fluctuations in international market prices over the past two weeks,” the finance ministry stated on X (formerly Twitter). “These new prices will be in effect from December 16, 2024.”
In addition to diesel, the government also reduced the prices of kerosene oil and light diesel oil. Kerosene oil will now cost Rs161.66 per liter, down by Rs3.32, while light diesel oil will be priced at Rs148.95, a reduction of Rs2.78.
On December 1, Pakistan had raised the price of petrol by Rs3.72 per liter in response to global fluctuations in petroleum prices. The cost of fuel plays a significant role in driving inflation in energy-deprived Pakistan, which saw its inflation rate surge to a record high of 38% in May 2023. However, the country’s annual inflation rate slowed to 4.9% in November, down from 7.2% in October.
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