ISLAMABAD: The federal government has revised the prices of petrol and high-speed diesel (HSD), with petrol becoming Rs3.26 per litre more expensive while diesel has been reduced 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, up from Rs387.40, while the price of diesel has been reduced to Rs399.34 per litre from Rs400.35.
OGRA said the revised prices were determined in line with changes in international petroleum prices, Platts rates, premiums and other relevant costs.
The new prices are effective from tonight and will remain in place until fresh rates are announced.
Global oil prices remain elevated
Global crude oil prices have fluctuated in recent days amid persistent concerns over supplies. Brent crude futures for December delivery reached around $101 per barrel on October 1, according to Reuters.
Geopolitical tensions and China’s decision to suspend exports of refined petroleum products to certain regions have added pressure on global fuel supplies.
Crude oil exports from the Gulf region have shown some recovery, although shipments of refined products, including diesel, remain relatively disrupted.
Amid rising international fuel prices, the government has also introduced a series of austerity measures.
The measures include a ban on government purchases of durable goods, except IT equipment, while teleconferencing has been encouraged for official meetings, according to Reuters.
Markets have also been directed to close by 9pm, while fuel allocations for official vehicles have been reduced by 50% for three months.
Prime Minister Shehbaz Sharif has also announced a fuel relief scheme for motorcycles, rickshaws and vehicles with engines of up to 800cc to provide relief to people affected by rising global oil prices.
Reuters reported that disruptions to oil and gas exports through the Strait of Hormuz have 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 pressure to align domestic petrol and diesel prices with fluctuations in international oil markets.
Jamaat-e-Islami chief Hafiz Naeemur Rehman has once 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 to press for the measures.
Petroleum Minister Ali Pervaiz Malik has said the government will continue its petrol subsidy scheme for up to 10 months, if necessary, to provide relief to the public.
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.