Petrol price rises above Rs390 per litre as new rates announced
Petrol price crosses Rs390 mark
The federal government has increased the petrol price to Rs390.66 per litre, putting the fuel rate above the Rs390 mark. The increase means consumers will pay Rs3.26 more for every litre of petrol.
The new petrol price will take effect from October 2. The revised rates were issued through a notification from the Petroleum Division.
HSD price also revised
The government has set the price of high-speed diesel (HSD) at Rs399.34 per litre. This represents a decrease of Rs1.01 per litre in the diesel price.
The latest changes come as international oil prices continue to face uncertainty. Global energy markets have been affected by renewed tensions in the Middle East.
Daily fuel price review begins
The Oil and Gas Regulatory Authority (Ogra) has started publishing daily petroleum prices on its website. The move is aimed at improving transparency and allowing international oil price changes to reach consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily rates are calculated using a seven-day average of international market prices. He said the method is in line with international practice.
Middle East tensions affect oil prices
The government decided to move towards a daily fuel price review as global oil markets remained volatile because of renewed hostilities in the Middle East. Energy supplies have faced added pressure amid concerns about disruptions through the Strait of Hormuz.
The government had earlier moved to a weekly fuel price review after the conflict in the Middle East began on February 28. Israel and the United States attacked Iran, after which Tehran shut the Strait of Hormuz, a major route that before the war carried around a fifth of global energy supplies.
Tensions increased after a fragile June truce between Tehran and Washington collapsed. The developments renewed fears of a wider conflict and raised concerns about energy flows through the Strait.
The latest petrol increase means consumers will face higher transport and fuel costs. The reduction in HSD, however, provides some relief for diesel users.
The shift towards daily pricing could make domestic fuel rates respond more quickly to changes in international oil markets. This also means petrol and diesel prices may change more frequently than under the previous fortnightly system.
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