ISLAMABAD: Pakistan’s government on Wednesday increased the price of petrol by Rs1.20 per litre while slashing diesel by Rs0.17 per litre, amid fluctuations in global oil prices.
Following the fresh adjustment, petrol will cost Rs393.86 per litre, whereas high-speed diesel will be sold at Rs396.65 per litre.
According to a press release issued by the Petroleum Division, the revised fuel prices will be applicable from October 15.
The government has revised the prices of petroleum products for Thursday
@Official_PetDiv
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The government on Tuesday reduced the price of petrol by Rs2.71 per litre and diesel by Rs0.03 per litre.
The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.
The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28.
Pakistan’s daily fuel price mechanism
On July 17, Pakistan’s Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US.
Prior to this, the government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East.
The federal government in April also announced targeted relief measures to provide subsidised fuel.
The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (OGRA) the responsibility of deciding fuel prices on a daily basis based on international market trends.
Petrol is mainly used in private transport, small vehicles, rickshaws, and two-wheelers, and changes in its price affect the middle and lower-middle classes.
Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants, and large generators.
Oil prices rise above $107
Oil prices rose on Wednesday as fresh Houthi attacks on Saudi Arabia heightened concerns about regional oil supplies, while the prospect of additional Russian diesel exports offered a counterweight to market fears.
ALSO READ: Oil Prices Rise Above $107 On Gulf Supply Concerns
Brent crude futures rose to $107.35 a barrel, up $1.40, or 1.35 per cent, while US West Texas Intermediate (WTI) crude futures gained $1.24, or 1.32 per cent, to $95.38, according to early Asian market updates.
Earlier trading reports put Brent at around $106.60 and WTI near $95, reflecting price movements within the early trade session.
