Pakistan raises prices of petrol and diesel fuel
The Pakistani government has raised the price of petrol by 2.29 Pakistani rupees per litre and high-speed diesel (HSD) by 1.11 rupees per litre. The new prices will take effect on September 3, Dawn reports.
Following the revision, petrol will cost 346.16 rupees per litre, while HSD will cost 372.03 rupees per litre. The government continues to collect 114 rupees in taxes and levies on every litre of petrol and 100 rupees per litre of diesel fuel. A Petroleum Division notification specifies that the new prices will apply from September 3.
Daily price review
On July 17, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be set daily due to fluctuations in international markets following the resumption of hostilities between Iran and the United States.
Before that, the government had reviewed prices weekly since early March and taken fuel-saving measures due to possible disruptions in oil supplies caused by the conflict in the Middle East. In April, the federal government also announced targeted support measures involving subsidised fuel.
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According to the minister, the cabinet and the prime minister decided to give the Oil and Gas Regulatory Authority (Ogra) the authority to set prices daily in line with international market trends.
Fuel price dynamics
The price of HSD has declined compared with the peak of 520.35 rupees per litre recorded on April 3. After the war between the United States and Iran began on February 28, it started rising from 281 rupees per litre.
Petrol reached a high of 458.41 rupees per litre on April 3, rising from 266 rupees in the first week of March. Petrol in the country is mainly used in private transport, small cars, rickshaws and two-wheeled vehicles, while diesel fuel is consumed by heavy transport, power plants and large generators.
Monthly sales of petrol and HSD total approximately 700,000–800,000 tonnes. For comparison, monthly demand for kerosene is estimated at about 10,000 tonnes.
