Fuel prices to be reviewed every 15 days, government cuts duties to shield consumers

The central government has announced that fuel prices will now be reviewed every 15 days, introducing a fortnightly mechanism aimed at balancing global market fluctuations while protecting domestic consumers. The move comes amid rising international crude oil prices and ongoing supply uncertainties, with authorities emphasising a calibrated approach to maintain price stability.

Officials stated that excise duties on petrol and diesel have been reduced to help oil companies absorb losses without passing the burden onto consumers. The decision is intended to ensure that domestic fuel prices remain stable despite volatility in global markets. At the same time, export duties have been imposed on diesel and aviation turbine fuel to prioritise domestic availability.

Authorities also reassured that there is no shortage of fuel in the country, with crude oil supplies secured for at least the next two months. Refineries are operating at over 100% capacity, and the supply of LPG and LNG has returned to normal levels. Daily expansion of connections continues, with more than 10,000 new LPG connections being issued each day.

The government further highlighted that petrol and diesel prices have remained largely stable since April 2022, either decreasing or holding steady. Measures are also being taken to prevent hoarding, black marketing, and panic buying, with citizens urged not to rush to fuel stations unnecessarily.

Describing the global situation as dynamic, officials noted that disruptions due to geopolitical tensions had earlier affected supply chains and driven up prices. The new policy framework, including periodic reviews and duty adjustments, is aimed at ensuring steady fuel availability, stabilising the domestic market, and safeguarding consumers during uncertain times.