ISLAMABAD: Pakistan on Wednesday raised the prices of petrol and high-speed diesel (HSD) by Rs6.88 and Rs5.62 per litre, respectively, amid continued volatility in international oil markets.
Under the revised rates, petrol will cost Rs391.22 per litre, while high-speed diesel will be sold at Rs421.45 per litre. The new prices will take effect on Thursday, September 17, according to a notification issued by the Petroleum Division.
The latest increase comes as Pakistan operates a daily fuel-pricing mechanism according to changes in international oil prices. The Oil and Gas Regulatory Authority (OGRA) has begun publishing petroleum prices daily as part of the new system.
Petroleum Minister Ali Pervaiz Malik has said the daily prices are calculated using a seven-day rolling average of international market prices, in line with international practice.
The government has said the mechanism is intended to make fuel-price adjustments more responsive to movements in global markets.
The latest increase follows continued volatility in global oil markets amid disruptions to energy flows due to renewed tensions in the Middle East.
The government had previously moved from fortnightly to weekly fuel-price reviews after the escalation of the US-Iran conflict, before shifting to the daily mechanism.
Pakistan’s Fuel Relief scheme for consumers
The repeated increases have added pressure on consumers and businesses, particularly transport operators and households dependent on private vehicles.
On September 13, Prime Minister Shehbaz Sharif announced a fuel relief scheme for users of motorcycles, three-wheelers and vehicles with engines of up to 800cc to help offset the impact of higher global oil prices.
Under the scheme announced by the Prime Minister’s Office, owners of motorcycles and three-wheelers would receive relief of Rs100 per litre on a monthly quota of 20 litres, while owners of vehicles up to 800cc would receive the same relief on a monthly quota of 30 litres.
The government has also previously announced measures aimed at conserving fuel and providing targeted relief as international oil prices remained volatile.
