ISLAMABAD: Pakistan’s government on Friday increased the price of diesel by Rs2.29 per litre while keeping the petrol price unchanged for the next three days.
After the revision, petrol will be priced at Rs377.91 per litre, while high-speed diesel (HSD) will cost Rs402.96 per litre.
According to a press release issued by the Petroleum Division, the revised fuel prices will be applicable from October 31.
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 rise
Oil prices rebounded in early Asian trading on Friday as concerns about a possible resumption of US military attack against Iran and threats to Middle Eastern energy infrastructure outweighed mediators’ hopes.
ALSO READ: Oil Prices Rise as War Fears Overshadow US-Iran Talks Hope
Brent crude futures, the international benchmark, rose around 0.5 per cent to $115.44 a barrel. Likewise, US West Texas Intermediate (WTI) crude gained 0.8 per cent to $102.79, according to early trading data.
xThe price recovery followed losses in the previous session, when Brent settled at $114.88 and WTI at $102 a barrel.
The latest gains reflect the market’s continued sensitivity to developments surrounding the Iran war, now entering its eighth month, and uncertainty over the security of oil shipments through the Strait of Hormuz.
