Petrol Crosses Rs390, Diesel Surges Past Rs420 Per Litre

Petrol prices in Pakistan have surged beyond Rs390 per litre, while high-speed diesel (HSD) has crossed Rs420 per litre following another upward revision in domestic fuel rates.

According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the price of petrol has been increased by Rs6.88 per litre to Rs391.22, while HSD has risen by Rs5.62 to Rs421.45 per litre.

The revised rates will remain in effect until Thursday, September 17.

The latest increase follows the previous review, when petrol became Rs4.10 per litre more expensive and diesel rose by Rs6.41, taking their prices to Rs384.34 and Rs415.83 per litre respectively.

OGRA said the latest adjustment was mainly driven by higher international prices of petrol and diesel amid continued uncertainty in global energy markets.

The regulator also incorporated changes in Platts assessments, premiums and other elements of the petroleum pricing formula while determining the new domestic rates.

The increase in Pakistan came despite a decline in international crude prices on Wednesday. Global oil prices fell after reports that Saudi Arabia had started making additional crude supplies available to Asian refiners through ship-to-ship transfers near Sohar, Oman.

The additional Saudi supplies helped ease concerns about potential disruptions following attacks on the kingdom’s East-West oil pipeline.

By 11:23 a.m. EDT, Brent crude futures had fallen $3.63, or 3.3%, to $105.12 per barrel, while US West Texas Intermediate (WTI) declined $4.11, or 3.9%, to $101.72 per barrel.

Crude prices also faced downward pressure after US oil inventories posted a smaller-than-expected decline.

Despite the fall in international crude benchmarks, Pakistan’s domestic petroleum prices are determined using international product prices, Platts assessments, premiums and other components applicable during the government’s review period.