Govt Maintains Oil Prices Till October 31

The government maintains oil prices for the next two weeks, beginning on October 16, 2022.

In a video statement, Finance Minister Ishaq Dar declared that oil prices will not change until October 31, 2022.

The oil and gas regulatory authority (Ogra) in Washington had sent him a summary.

In a video statement, the Finance Minister explained that, after consulting with Prime Minister Shahbaz Sharif, he decided not to change oil prices.

There was a recommendation to increase the prices of diesel, kerosene oil, and LDO, while there was a minor reduction in the price of gasoline.

He stated that the government would not pass along a minor reduction in the price of gasoline to the public.

According to industry representatives, the price of a litre of gasoline has decreased by approximately 10 rupees.

Diesel’s price increased by Rs 11 per litre, kerosene oil by Rs 4.52 per litre, and LDO by Rs 7.48 per litre.

In the interim, the average rate of the dollar had decreased from Rs 235.95 to Rs 222.13, a decline of 8.3 percent.

Its effect on oil prices was estimated to be Rs 13.82 per litre.

Nevertheless, the government decided to maintain the current prices of petrol at Rs 224.80 per litre, diesel at Rs 235.30 per litre, kerosene oil at Rs 191.83 per litre, and LDO at Rs 186.50 per litre.

Diesel is commonly employed in the transportation and agricultural industries. Consequently, fluctuations in its price have a direct impact on the lives of consumers.

Petrol is an alternative to CNG for use in automobiles and motorcycles. Due to a gas shortage, particularly in the province of Punjab, its demand had increased.

For cooking, kerosene is used in remote areas of the country. It is comparable to LPG. In the northern regions of the country, the Pakistani military is a major consumer of kerosene oil.

Prior to October 1, 2022, the government reduced the price of petroleum products by as much as Rs12.6 per litre.