ISLAMABAD: The government on Friday reduced petrol and high-speed diesel prices by only Rs1.97 per liter each for the coming week, drawing criticism for passing on only a fraction of the benefit from a sharp decline in international oil prices to consumers.
According to a Petroleum Division notification, the ex-depot price of petrol (motor spirit) will fall to Rs297.53 per liter from Rs299.50, while high-speed diesel will decline to Rs309.50 per liter from Rs311.47, effective July 4.
The marginal cut comes despite global crude prices retreating sharply after the recent Middle East tensions eased, with international benchmarks now trading below pre-conflict levels.
Critics pointed out that before the Middle East conflict, petrol sold for around Rs258 per liter and diesel for about Rs276 per liter, while international crude prices were higher than current levels. The widening gap between global and domestic prices has fueled criticism that the government is giving most of the gains to oil marketing companies instead of providing meaningful relief to consumers.
Separately, the Oil and Gas Regulatory Authority (Ogra) increased the maximum ex-depot price of kerosene by Rs4.05 per liter to Rs231.14 per liter.
