Government Decided To Retain Petrol Prices For Next Fortnight

The federal government has decided to retain the prices of petrol and high-speed diesel (HSD) for the next fortnight, starting from November 16, 2024.

This decision comes as a relief to consumers who were bracing for another potential price hike. Earlier, there were reports suggesting that the government was considering increasing fuel prices to meet the demands of the International Monetary Fund (IMF). The proposed measures included imposing a 18% General Sales Tax (GST) on petroleum products and increasing the Petroleum Development Levy (PDL).

However, the government has opted to maintain the current prices, likely due to concerns about the inflationary impact of further price hikes. The decision to retain prices will provide some respite to consumers, particularly those who rely heavily on fuel for transportation and other essential needs.

It is important to note that global oil prices have been fluctuating recently, and any significant changes in the international oil market could impact domestic fuel prices in the future. The government will continue to monitor the situation and make necessary adjustments to ensure the stability of the fuel market.