Current Petroleum prices to remain unchanged until July 27

The federal government has announced that current petroleum product prices will remain unchanged until July 27. According to sources from the Petroleum Division, petrol will continue to be sold at Rs335.18 per litre, while high-speed diesel will remain at Rs383.46 per litre. The price of kerosene oil has also been maintained at Rs301.14 per litre.

This decision comes after the government introduced a daily fuel price revision mechanism on July 18 to reflect fluctuations in the international market. Since then, prices have seen multiple adjustments. On July 18, petrol became more expensive by Rs5.44 per litre and diesel by Rs31.05 per litre. Due to the closure of international markets, prices were revised on July 21, with petrol decreasing by Rs0.35 per litre while diesel increased by Rs5.71 per litre.

Subsequent revisions saw petrol and diesel prices rise by Rs4.93 and Rs7.15 per litre on July 22, followed by further increases of Rs6.39 and Rs7.83 per litre on July 23. On July 24, petrol was hiked by Rs4.40 and diesel by Rs3.62 per litre. The latest decision to freeze prices until July 27 provides temporary relief to consumers after a series of increases driven by volatility in global oil markets.

The daily price revision mechanism, introduced amid rising geopolitical tensions in the Middle East, aims to ensure timely adjustments to international market trends. However, the frequent changes have drawn criticism from dealers and consumers alike. The government has assured that it is monitoring the situation closely and will continue to make adjustments as needed to balance the impact on the economy and the public. The current freeze offers a brief respite before the next scheduled revision, with consumers hoping for stability in the coming days.