Petrol and Diesel Prices Cut by a Few Paise; New Rates Take Effect

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has announced a slight reduction in the prices of petroleum products.

According to a notification issued by the Petroleum Division, the price of petrol has been reduced by 50 paisas per litre, while the price of high-speed diesel has been cut by 19 paisas per litre.

Following the reduction, the new price of petrol stands at Rs342.60 per litre, while diesel will now cost Rs371.61 per litre.

The revised prices have been set until August 28 and will take effect from midnight tonight.

Meanwhile, SITE Association of Industry Karachi President Abdul Rahman Fida expressed concern over the policy of determining petroleum prices on a daily or every-other-day basis, saying the practice was adversely affecting industrial and business activities.

He said rising transportation costs had increased the expense of transporting raw materials to factories and export goods to ports, potentially putting additional pressure on Pakistan’s exports.

Fida urged the government to immediately withdraw the policy of frequent petroleum price adjustments, reduce taxes imposed on petroleum products and establish a pricing cycle of at least 15 days to provide greater stability to industrialists and the business community.

He said greater price stability was necessary to prevent disruption to production and business activities.

Meanwhile, crude oil prices generally declined in international markets on Thursday, while gold and agricultural commodities recorded gains.

According to Bloomberg, West Texas Intermediate (WTI) futures fell by $1.18 to $81.05 per barrel, while Brent crude futures declined by $1.21 to $86.63 per barrel.

Gold prices increased by $13.57 to $4,604.64 per ounce, while silver rose by $0.54 to $69.36 per ounce.

Among agricultural commodities, wheat increased by $4.50 to $752.75 per bushel, while cotton rose by $0.09 to $89.23 per bushel. Corn, however, declined by $0.75 to $535.75 per bushel.