The federal government has revised the prices of petrol and high-speed diesel (HSD), with the Oil and Gas Regulatory Authority (OGRA) issuing an official notification detailing the changes. Petrol prices have been increased by Rs3.26 per litre, while diesel prices have decreased by Rs1.01 per litre.
Following this adjustment, the new petrol price stands at Rs390.66 per litre, up from Rs387.40, whereas diesel is now priced at Rs399.34 per litre, down from Rs400.35. OGRA explained that these price modifications reflect shifts in international petroleum prices, Platts rates, premiums, and other associated costs.
The updated fuel prices took effect from tonight and will remain in place until new rates are announced, which is expected by tomorrow.
Global crude oil prices have remained high and volatile recently, influenced by ongoing supply concerns. Brent crude futures for December delivery reached approximately $101 per barrel on October 1. Geopolitical tensions, including China’s suspension of refined petroleum exports to certain regions, have further strained global fuel supplies.
Meanwhile, crude oil exports from the Gulf region have shown signs of recovery, although shipments of refined products such as diesel continue to face disruptions. In response to rising international fuel costs, the government has implemented austerity measures aimed at reducing expenditures.
These measures include a ban on government procurement of durable goods except for IT equipment, a shift to teleconferencing for official meetings, early market closures at 9pm, and a 50 percent reduction in fuel allocations for official vehicles over the next three months. Prime Minister Shehbaz Sharif has also introduced a fuel relief scheme targeting motorcycles, rickshaws, and vehicles with engines up to 800cc to alleviate the burden on affected citizens.
Disruptions to oil and gas exports through the Strait of Hormuz have been linked to conflicts involving the US, Israel, and Iran, while hostilities between Saudi Arabia and Iran-backed Houthis have threatened trade routes through the Red Sea.
The government continues to face pressure to align domestic fuel prices with international market fluctuations. Jamaat-e-Islami chief Hafiz Naeemur Rehman has renewed calls for reducing fuel prices, abolishing the petroleum levy, and cutting state expenditures. He warned that his party would persist with protest marches if these demands are not met and announced a nationwide signature campaign to support their cause.
Petroleum Minister Ali Pervaiz Malik stated that the government plans to maintain the petrol subsidy scheme for up to 10 months if necessary, to ease the public’s financial strain. Speaking in Lahore last week, Malik acknowledged the difficulties faced by consumers and assured that any decrease in international oil prices would be passed on to them. He noted that the government is currently spending between Rs35 billion and Rs40 billion monthly on the subsidy program.
