ISLAMABAD: The federal government reduced the price of high-speed diesel by Rs14 per litre, while keeping petrol unchanged at Rs263.45 per litre on Monday for the next fortnight ending December 31.
The price of diesel has been set at by Rs265.65 per litre, effective from December 16, read a notification issued by the Petroleum Division.
Ogra had earlier rejected reports claiming fuel prices could be cut by up to Rs12 per litre from December 16, terming them "purely speculative" and unrelated to any formal pricing exercise by the regulator.
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In a press statement issued on December 13, the authority said that it calculates petroleum prices in accordance with federal government instructions and only within the notified timeframe.
Multiple media reports had suggested a reduction in domestic fuel prices, citing official sources.
Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting.
On the other hand, a significant portion of the transport sector relies on high-speed diesel.
Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.
The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.
