Pakistan has decided to keep the existing prices of petrol and high-speed diesel, dashing hopes of an early cut in petroleum rates. This means motorists looking for cheaper fuel will have to wait a little longer.

In the latest official notification, petrol will continue to be sold at Rs 327.62 per litre and high-speed diesel (HSD) at Rs 380.86 per litre.

The decision comes despite hopes that consumers could get some relief thru lower petroleum prices. The government has not increased the rates either on major fuel products, but the expected decline has not taken place either and thus motorists continue to pay current prices.

Consumers Don’t Get the Relief They Expected

The consumer group says car and motorbike owners who depend heavily on petrol to get around every day will be watching the unchanged rates closely. Diesel prices are also important, impacting transport operators, commercial activity and other sectors of the economy.

Both rates remain unchanged and therefore, consumers will not get any immediate relief on fuel related expenses.

Why Are Oil Prices Volatile?

The price of fuel in Pakistan is driven by a number of factors, including international crude oil prices and the exchange rate of the rupee to the dollar. Other components of the petroleum pricing mechanism are also considered before the government announces revised rates.

For the time being, consumers will continue to pay Rs327.62 per litre for petrol and Rs380.86 per litre for HSD.

The latest decision provides price stability, but no immediate relief at the pumps. As for the fuel prices, consumers will have to wait for the next petroleum price review to see if they finally go lower.

Credit: Independent News Pakistan (INP)