ISLAMABAD: Pakistan on Monday raised the prices of petrol and high-speed diesel (HSD) by Rs4.42 and Rs6.10 per litre, respectively, amid a surge in oil prices in international oil markets due to the Iran conflict.
Petrol will now cost Rs380.24 per litre, while the price of HSD has risen to Rs409.42, according to a notification issued by the Petroleum Division. The revised prices will take effect on Tuesday, September 15.
The latest increase comes after the government shifted to a daily petroleum pricing mechanism to allow domestic fuel prices to reflect fluctuations in international markets more quickly.
The Oil and Gas Regulatory Authority (OGRA) has also started publishing daily petroleum prices on its website as part of efforts to improve transparency.
Petroleum Minister Ali Pervaiz Malik said the daily prices were calculated using a seven-day average of international market prices, in line with international practice.
The government had previously revised fuel prices every two weeks. It introduced weekly reviews in early March as international oil markets became increasingly volatile following the outbreak of hostilities between the United States and Iran.
On July 17, Malik said the government had decided to move to daily price adjustments and give OGRA responsibility for determining prices based on international market trends.
Despite the latest increase, diesel and petrol prices remain well below their peaks recorded earlier this year.
HSD reached a record Rs520.35 per litre on April 3, after rising from about Rs281 when the US-Iran conflict began on February 28.
Petrol peaked at Rs458.41 per litre on April 3, having risen from about Rs266 in the first week of March.
The latest increase also comes shortly after Prime Minister Shehbaz Sharif announced a targeted fuel relief scheme for owners of smaller vehicles.
Under the scheme announced on September 13, owners of motorcycles, rickshaws and other two- and three-wheelers will receive relief of Rs100 per litre on a monthly quota of 20 litres.
Owners of vehicles with engines of up to 800cc will receive the same relief on a monthly quota of 30 litres, according to the Prime Minister’s Office.
The government has said the scheme is aimed at easing the impact of higher global oil prices on lower-income and middle-class consumers.
