Pakistan Freezes Petrol, HSD Prices; Reduces Kerosene Oil, LDO Rates

The updated petroleum prices in Pakistan for Saturday, November 23, 2024, will remain in effect until the end of this month.

Karachi, November 23, 2024 – The latest petroleum prices in Pakistan for Saturday, November 23, 2024, will be applicable till the month-end.

Here are the updated prices as per official announcements:

Petrol: Rs 248.38 per liter

High-Speed Diesel (HSD): Rs 255.14 per liter

Kerosene Oil: Rs 161.54 per liter

Light Diesel Oil (LDO): Rs 147.51 per liter

Pakistan revises petroleum prices every fortnight based on global market trends, which are assessed by the Oil and Gas Regulatory Authority (OGRA). In the recent review, petrol and HSD prices were maintained at the levels set during October 15-31, while kerosene oil and light diesel oil prices saw slight reductions.

Despite an earlier increase of Rs 1.35 per liter for petrol and Rs 3.85 for HSD in the last fortnight, the prices for these fuels remained unchanged in the latest review. However, kerosene oil experienced a reduction of Rs 1.48 per liter, bringing the new price to Rs 161.54 per liter from the earlier Rs 163.02. Similarly, LDO prices were cut by Rs 2.61 per liter, now priced at Rs 147.51 compared to the previous Rs 150.12.

Impact of Petroleum Prices

Petrol is a crucial fuel for private transportation, especially small vehicles, rickshaws, and motorcycles. Fluctuations in petrol prices significantly impact middle and lower-income groups, who rely heavily on these modes of transport for daily commuting.

High-Speed Diesel, on the other hand, is an essential fuel for heavy-duty vehicles such as buses, trucks, and agricultural machinery, including tractors and tube wells. The rising cost of HSD affects the transportation of goods and agricultural products, often resulting in higher prices for vegetables, grains, and other essentials, which can contribute to inflation.

The government’s decision to maintain fuel prices aims to provide temporary relief and ensure market stability. However, the broader economic impact of these prices on transportation costs, food prices, and household budgets remains a concern for citizens, especially amidst persistent economic challenges.