ISLAMABAD: Pakistan’s government on Monday increased the price of petrol by Rs1.54 per litre and diesel by Rs2.16 per litre following the latest revision.
After the revision, petrol will be priced at Rs379.25 per litre, while high-speed diesel (HSD) will cost Rs395.82 per litre.
According to a press release issued by the Petroleum Division, the revised fuel prices will be applicable from October 27.
The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.
Pakistan’s daily fuel price mechanism
On July 17, 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 of Pakistan 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 Pakistan government in April also announced targeted relief measures to provide subsidised fuel.
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 fall from six-month high
Global oil prices fell on Monday after approaching six-month highs last week, as hopes of easing hostilities between the United States and Iran encouraged investors to take profits.
However, continued Houthi attacks on energy infrastructure, Middle East shipping and regional shipping risks kept supply concerns elevated.
ALSO READ: Oil Prices Fall From Six-Month Highs on Profit-Taking
Brent crude futures fell about 1.3 per cent to $115.18 a barrel, while US West Texas Intermediate crude futures slipped 1.8 per cent to $101.41.
Prices varied across intraday reports as trading continued, with earlier quotations placing Brent at $115.23 and WTI at $101.51.
Both benchmarks had settled nearly $3 higher on Friday, October 23, after renewed attacks in Saudi Arabia heightened concerns about potential disruptions to energy supplies.
