OGRA revises petrol and high-speed diesel prices amid elevated global crude costs, supply concerns and government fuel relief measures.
ISLAMABAD: The federal government has revised petrol and high-speed diesel (HSD) prices, increasing petrol by Rs3.26 per litre while reducing the price of diesel by Rs1.01, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).
Following the revision, petrol will now cost Rs390.66 per litre, compared with Rs387.40 previously. The price of high-speed diesel has been reduced to Rs399.34 per litre from Rs400.35.
OGRA said the adjustments were made in line with changes in international petroleum prices, Platts rates, premiums and other relevant costs.
The revised prices took effect from Sunday night and will remain in force until the next adjustment is announced.
Global oil prices remain elevated
Global crude oil prices have fluctuated in recent days amid continuing concerns over supplies. Brent crude futures for December delivery reached around $101 per barrel on Oct. 1, according to Reuters.
Geopolitical tensions and China’s decision to suspend exports of refined petroleum products to certain regions have added pressure to global fuel supplies. Crude oil exports from the Gulf region have shown some recovery, while shipments of refined products, including diesel, have remained relatively disrupted.
The rise in international fuel prices has also prompted the government to introduce austerity measures. According to Reuters, the measures include a ban on government purchases of durable goods, except IT equipment, and greater reliance on teleconferencing for official meetings.
Markets have also been directed to close by 9 p.m., while fuel allocations for official vehicles have been reduced by 50% for three months.
Prime Minister Shehbaz Sharif has separately announced a fuel relief scheme for motorcycles, rickshaws and vehicles with engines of up to 800cc to provide support to consumers affected by rising international oil prices.
Reuters has reported that disruptions to oil and gas exports through the Strait of Hormuz followed attacks involving the United States, Israel and Iran, while fighting involving Saudi Arabia and Iran-backed Houthis has also threatened trade through the Red Sea.
The government has faced continued pressure to align domestic fuel prices with movements in international oil markets.
Jamaat-e-Islami chief Hafiz Naeemur Rehman has again called on the government to reduce fuel prices, abolish the petroleum levy and cut state expenditure. He warned that his party would continue its protest march if its demands were not addressed and announced a nationwide signature campaign.
Petroleum Minister Ali Pervaiz Malik has said the government’s petrol subsidy scheme could continue for up to 10 months if necessary to provide relief to consumers.
Speaking to the media in Lahore last week, Malik said the government was aware of the difficulties faced by the public and would pass on any decline in international oil prices to consumers.
“The petrol subsidy scheme will be continued for the public if it has to run for 10 months,” Malik said, adding that the government was spending between Rs35 billion and Rs40 billion a month on the scheme.
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