The caretaker government announced on Tuesday its decision to maintain the current prices of petrol and high-speed diesel (HSD) for the next two weeks despite drop in international prices. This announcement was made through a notification from the Ministry of Finance. Accordingly, the prices of petrol and HSD will continue to stand at Rs283.38 and Rs303.18 per litre, respectively.
In contrast, the prices of kerosene oil and light-diesel oil have been reduced by Rs3.82 and Rs3.4 per litre, bringing them down to Rs211.03 and Rs189.46 per litre, respectively.
These developments were unexpected, as earlier sources had suggested a potential reduction in prices. Official sources had indicated that HSD's price might decrease by about Rs5-6 per litre, potentially falling below Rs300 per litre, unless the caretaker government chose to increase the petroleum levy. On the other hand, petrol was anticipated to become cheaper by approximately Rs18 per litre.
These price adjustments can be attributed to several factors, including the recent gain of about Rs3 in the value of the rupee against the dollar over the past two weeks. Additionally, the average price of diesel has decreased by approximately $1.3 per barrel, while the price of petrol has risen by about $3.5 per barrel during this period.