ISLAMABAD: Prices of petroleum products in Pakistan are likely to go up by as much as Rs4.79 per litre from Sept 16, following a sharp increase in global oil markets after a Ukrainian drone strike on a Russian port, sources told Pakistan Narrative on Saturday.
According to sources, petrol price may rise by Rs1.54 per litre, high-speed diesel (HSD) by Rs4.79, kerosene oil by Rs3.06, and light diesel oil by Rs3.68. The Oil and Gas Regulatory Authority (Ogra) is expected to submit its final working to the Petroleum Division on Sept 15, after which the Petroleum Division and the Ministry of Finance will forward a summary to Prime Minister Shehbaz Sharif for approval.
On Sept 1, the Finance Division had kept petrol prices unchanged, while reducing HSD by Rs3 per litre. At present, HSD is priced at Rs269.99 and petrol at Rs264.61 per litre, while kerosene and light diesel oil are priced at Rs1.46 and Rs2.40 lower, respectively.
Oil prices jumped nearly 2pc after Ukraine carried out its first reported drone attack on Russia’s Primorsk port — a key western oil terminal with the capacity to load about one million barrels per day (bpd) of crude, including Russia’s flagship Urals blend. The strike forced suspension of loading operations early Friday, industry sources said.
The drone attack set fire to two tankers — Kusto and Cai Yun — both Aframax-class vessels with a capacity of around 700,000 barrels each. Both are owned by firms registered in Seychelles, according to public records.
Primorsk, Russia’s largest oil port on the Baltic Sea, also handles around 300,000 bpd of diesel. The Russian governor of the region, Alexander Drozdenko, confirmed that a pumping station and one vessel had caught fire but claimed operations had not been halted. He said more than 30 drones had been destroyed over the region and the fire was later extinguished.Read More: PDMA issues alert for fresh spell of monsoon rains
Kyiv intensifies strikes on Russian energy assets
Ukraine’s SBU security agency confirmed that it had targeted the Primorsk port in an effort to disrupt Russia’s energy exports — the Kremlin’s key revenue stream. Other ports, including Ust-Luga and Novorossiisk, have also come under repeated attack in recent months, with Ust-Luga still operating at half its capacity after a strike in August.
Analysts say Kyiv’s campaign to limit Russia’s oil export capabilities could put upward pressure on global crude prices, with ripple effects for energy-importing countries like Pakistan.
