Pakistan raises diesel price to PKR 402.96, keeps petrol unchanged
Diesel rises PKR 2.29 per liter for October 31–November 2, taking its increase over the past week to PKR 9.30
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The price of HSD increased by PKR 2.29 per liter to PKR 402.96, while petrol remains unchanged at PKR 377.91 per liter.
Pakistan has increased the price of high-speed diesel (HSD) by PKR 2.29 per liter to PKR 402.96, while keeping petrol unchanged at PKR 377.91 per liter for three days, beginning October 31.
The revised prices, announced by the government on Friday, will remain effective through November 2, according to the Petroleum Division.
The previous diesel price was PKR 400.67 per liter, following an increase of PKR 0.85 on October 30. Petrol had remained unchanged at PKR 377.91.
How have fuel prices changed over the past week?
Over the past week, high-speed diesel has risen by PKR 9.30 per liter, from PKR 393.66 on October 24 to PKR 402.96 on October 31.
Petrol prices remained relatively stable despite fluctuations during the week, rising by just PKR 0.20 per liter, from PKR 377.71 to PKR 377.91.
What happened in international oil markets?
Global oil prices jumped more than 2% on Friday, settling at their highest levels in six months as traders worried about a possible escalation in the Iran war following the upcoming US midterm elections.
According to Reuters, Brent crude futures for December settled USD 2.76, or 2.4%, higher at USD 117.64 per barrel, while US West Texas Intermediate (WTI) crude rose USD 2.12, or 2.08%, to USD 104.12.
For October, Brent gained 13.6%, while WTI rose 15.2%.
How are Pakistan's fuel prices determined?
Pakistan's fuel prices are calculated under a government-approved mechanism administered by the Oil and Gas Regulatory Authority (OGRA).
The pricing formula takes into account international petroleum prices, the rupee-dollar exchange rate, transportation costs, dealer and oil marketing company margins, and government levies.
Changes in international crude prices do not necessarily translate immediately into equivalent changes at Pakistani fuel stations because domestic calculations use pricing averages and other cost components.
The latest petrol and diesel prices will remain effective until November 2, with the next revision expected under the government's pricing schedule.
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