Pakistan raises petrol by Rs3.26, trims diesel for Oct 2

Islamabad, Oct 2 — Pakistan’s federal government on Thursday raised the price of petrol by Rs3.26 per litre to Rs390.66 while cutting high-speed diesel (HSD) by Rs1.01 to Rs399.34, effective Friday, under the daily fuel-price review mechanism, Dawn reported.

A Petroleum Division notification said the revised prices take effect on October 2, Geo News reported. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel, according to Dawn.

The change falls under the Oil and Gas Regulatory Authority’s daily pricing framework, announced on July 17 by Petroleum Minister Ali Pervaiz Malik to replace the weekly review cycle, as renewed US-Iran tensions drove volatility in global oil markets, the Express Tribune reported. Fuel prices had previously been revised fortnightly.

According to the Petroleum Division, the revision was necessitated by global events, including changes in Platts rates, premiums and incidentals, Profit reported. Geo News linked the shift to a daily mechanism to Middle East hostilities and disruptions to energy flows through the Strait of Hormuz.

The revision comes amid fresh austerity measures, with markets required to close by 9pm and fuel allocations for official vehicles cut by 50 per cent for three months, Dawn reported. On September 13, Prime Minister Shehbaz Sharif announced a relief scheme offering Rs100 per litre off petrol for motorcycles, rickshaws and cars up to 800cc, covering an estimated 11.8 million beneficiaries, the Tribune reported.

Sources: Dawn; Geo News; Express Tribune; Profit Pakistan Today