Petrol consumers in Pakistan will pay more as the government announced Rs4.61 per litre increase in the petrol price. At the same time, high-speed diesel (HSD) has become slightly cheaper with Rs1.96 per litre cut.
The latest adjustment takes the petrol price from Rs389.14 to Rs393.75 per litre, while the HSD rate has been lowered from Rs424.04 to Rs422.08 per litre. The new rates have been determined under the country’s existing petroleum pricing mechanism following a review by the Oil and Gas Regulatory Authority (OGRA).
Petroleum Division made changes as per international petroleum market conditions. Movements in Platts-based prices, petroleum premiums and other related costs were taken into account while determining the new domestic rates.
The latest decision comes just days after the government had provided a small reduction in both major petroleum products. Petrol was reduced by Rs1.65 per litre, bringing its price down to Rs389.14. The government also cut the HSD price by 88 paisas, fixing it at Rs424.04 per litre.
The latest decision therefore means petrol has now moved back above the Rs390-per-litre mark, while diesel remains above Rs420 despite the latest reduction.
The domestic revision comes against the backdrop of declining international crude prices. Oil prices fell during Monday trading as investors monitored expectations of a gradual recovery in Saudi oil shipments and looked for signs of diplomatic progress over the Iran conflict during the United Nations meetings.
