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Pakistan raises diesel by Rs1.91 a litre for the weekend, leaves petrol unchanged
High-speed diesel will cost Rs393.66 a litre from Saturday to Monday under Pakistan's short-cycle pricing, brought in as the Iran war whipsawed oil markets.
Key points
- High-speed diesel goes up Rs1.91 to Rs393.66 a litre from 24 to 26 October.
- Petrol stays at Rs377.71 a litre.
- Diesel peaked at Rs520.35 on 3 April, after the US-Iran war began on 28 February.
Pakistan raised the price of high-speed diesel by Rs1.91 a litre late on Friday and left petrol untouched, the latest small step in a pricing system that now changes every few days.
Under a Petroleum Division notification, diesel will sell at Rs393.66 a litre and petrol at Rs377.71 from Saturday, 24 October, to Monday, 26 October. The government takes about Rs114 a litre in taxes and duties on petrol and Rs100 on diesel.
Pakistan moved to frequent price revisions in July, citing “fluctuations in international market prices following renewed hostilities between Iran and the US”. The Oil and Gas Regulatory Authority now sets fuel prices according to global trends. In the previous revision, petrol was cut by Rs1.60 a litre and diesel raised by Rs1.64.
The war has been costly at the pump. Diesel cost Rs281 a litre before fighting broke out on 28 February and peaked at Rs520.35 on 3 April. Petrol went from Rs266 in early March to Rs458.41 on the same day. Prices have eased since, but the government has brought back austerity rules, including closing markets by 9 pm and halving fuel allowances for official vehicles for three months. In September, Prime Minister Shehbaz Sharif announced relief for motorcycles, auto-rickshaws and cars of up to 800cc.
The increase comes as oil climbs again on fears of fresh US strikes on Iran. Brent crude touched $115 a barrel on Friday.