Petrol Price Unchanged, Diesel Price Raised in Pakistan

Jawad

15 Oct 2024

166

Petrol Price Unchanged, Diesel Price Raised in Pakistan

After four consecutive decreases, the federal government has raised the price of high-speed diesel (HSD) in Pakistan. According to a notification from the Finance Ministry, the price of petrol remains unchanged. However, the price of HSD has increased by Rs. 5 per liter, bringing it to Rs. 251.29 per liter, up from Rs. 246.29 per liter. These new prices will take effect on October 16, 2024, and will be valid for the next two weeks.

Petroleum Typte	Old Price	New Price	Difference
Petrol	247.03 PKR	247.03 PKR	0.00 PKR
High Speed Diesel (HSD)	246.29 PKR	251.29 PKR	+5.00 PKR

Petrol Price Speculation

Earlier, media reports suggested that the Pakistan State Oil (PSO) was preparing a working paper for the Oil and Gas Regulatory Authority (OGRA), expected to be presented on October 15. This proposal outlined potential price changes across several fuel types. Initial estimates suggested that the petrol price could increase by Rs. 3.95 per liter, while high-speed diesel (HSD) might see an increase of Rs. 10.25 per liter. Additionally, kerosene oil and light diesel oil (LDO) were expected to rise by Rs. 7.85 and Rs. 8.33 per liter, respectively.

OGRA's Recommendations

After OGRA reviewed these suggestions, the working paper was forwarded to the government for approval. Once the prime minister gave the green light, the Finance Ministry officially announced the new fuel prices. One significant reason behind the proposed increase was OGRA's suggestion to raise profit margins for oil companies and petrol stations, which would see profits increase by Rs. 2.75 per liter.

Impact of International Oil Prices

Another key reason for the price hike is the fluctuation in global oil prices, which directly affects fuel costs in Pakistan. These revisions are likely to influence the country’s inflation rate, as fuel prices are closely tied to the cost of everyday goods.

petrol price Pakistan diesel price increase fuel prices Pakistan highspeed diesel price petrol price update fuel price hike Pakistan government fuel prices diesel petrol prices petrol diesel rates fuel price October 2024

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