ISLAMABAD: Federal government on Friday announced to keep the price of petrol unchanged however High Speed Diesel (HSD) price has been raised by Rs7.50 per litre with effect from July 1, 2023.

In a fortnightly review, the government decided to keep the price of petrol unchanged with effect from July 1-15. The price of HSD has been raise by Rs7.50 per litre against an estimated raise of Rs13.90 per litre.

Finance Minister Ishaq Dar on Friday announced that the price of petrol would remain unchanged at Rs262 per litre while the price of HSD was raised by Rs7.5 per litre to Rs260.5 with effect from today (July 1). He did not announce any changes in the prices of kerosene and Light-Diesel Oil (LDO).

He further explained that the Oil and Gas Regulatory Authority (OGRA) had reported an increase of $3.5 in diesel prices globally in the last few days and a similar upward trend were seen in petrol prices. However, minister said that OGRA had strived to pass on the minimum price raise to consumers as per the directives of Prime Minister Shehbaz Sharif therefore decided no increase in petrol price.

The HSD is widely used in transport and agriculture sectors and revision in price of diesel results in inflation.

Copyright Business Recorder, 2023