ISLAMABAD – Pakistanis are set for another change as the government jacked up price of petrol by Rs1.19 per litre, while giving diesel consumers some relief with a Rs1.91 per litre cut.
The new rates will come into effect from October 7, following the latest revision by the Oil and Gas Regulatory Authority (OGRA) under the federal government’s petroleum pricing mechanism. The Petroleum Division confirmed the adjustment in its latest notification.
With the latest increase, petrol will now cost Rs394.83 per litre, up from Rs393.64. For diesel users, however, the direction is the opposite. The price of high-speed diesel (HSD) has been reduced to Rs395.85 per litre, compared with the previous rate of Rs397.76.
The move comes as Pakistan continues to adjust fuel prices against rapidly changing international market conditions. OGRA’s official price portal shows that petroleum prices are now being published frequently, reflecting the government’s shift toward a more responsive pricing mechanism.
Global Oil Prices
The domestic fuel adjustment comes against a sharp retreat in international crude prices. Oil prices slid by nearly 2% on Tuesday, as concerns about supply disruptions eased following higher crude exports from the Middle East and an agreement by the Group of Seven (G7) countries to release emergency stocks of crude oil and diesel.
Brent crude futures fell $1.84, or 1.8%, to $98.48 a barrel, while US benchmark West Texas Intermediate (WTI) dropped $1.42, or 1.6%, to $88.01 a barrel. The fall put Brent on course for its lowest closing level since September 8, while WTI was heading toward its weakest close since August 31.
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