ISLAMABAD: Pakistan’s government on Wednesday increased the price of petrol by Rs1.85 per litre and diesel by Rs1.75 per litre following the latest revision.
After the revision, petrol will be priced at Rs377.91 per litre, while high-speed diesel (HSD) will cost Rs399.82 per litre.
According to a press release issued by the Petroleum Division, the revised fuel prices will be applicable from October 29.
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
Global oil prices rose on Wednesday as persistent concerns over Middle Eastern supply disruptions, shipping insecurity and the risk of further military escalation supported the market.
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Brent crude futures rose to $115.10 a barrel, up $1.22, or 1.07 per cent, while US West Texas Intermediate (WTI) gained 96 cents, or 0.96 per cent, to $100.90 in later Asian trading.
Earlier reporting cited Brent at $115.36 and WTI at $101.12 at 0140 GMT. The different quotations reflect price movements early during the trading session.
The rebound followed a nominal downward technical correction, which traders call a profit-taking of nearly $2 a barrel on Tuesday.
