Petrol and diesel prices increase in Pakistan again
The government has raised the petrol price by Rs2.31 per litre and the price of high-speed diesel (HSD) by Re0.78 per litre. The increase comes after changes in international oil prices and will push fuel costs higher for consumers.
After the latest revision, petrol will now cost Rs398.96 per litre. The price of high-speed diesel has been set at Rs395.72 per litre.
New fuel rates take effect
According to a notification issued by the Petroleum Division, the new fuel prices will remain effective from October 9. The revised rates reflect the latest changes in the international oil market.
The Oil and Gas Regulatory Authority (OGRA) has also started publishing petroleum prices daily on its website. The move is aimed at improving transparency and allowing international price changes to reach consumers more quickly.
Government shifts to daily fuel reviews
Petroleum Minister Ali Pervaiz Malik said the daily fuel prices are calculated using a seven-day average of international market rates. He said the method is consistent with international practices.
The government decided to move towards a daily fuel price review because of continued volatility in global oil markets. Renewed tensions in the Middle East have added further uncertainty to international energy prices.
Middle East tensions affect oil markets
The government had earlier introduced a weekly fuel price review system after the Middle East conflict began on February 28. At that time, Israel and the United States attacked Iran, after which Tehran shut the Strait of Hormuz, a major route that previously carried around one-fifth of global energy supplies.
Tensions increased after a fragile June truce between Tehran and Washington collapsed. The situation has raised fears of a wider conflict and created concerns about energy supplies through the Strait of Hormuz.
Before these changes, Pakistan revised petroleum prices every two weeks. The shift towards more frequent reviews means domestic fuel prices can now respond more quickly to changes in global oil markets.
The latest petrol price increase will add to fuel costs for consumers and businesses. The higher diesel price may also affect transport and other sectors that depend heavily on diesel.
The move towards daily reviews could make fuel pricing more closely linked to international markets. However, frequent changes may also mean consumers see fuel prices move more often when global oil rates remain unstable.
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