Petrol, diesel prices may rise from Sept 16

Petroleum prices in Pakistan are likely to rise from September 16, with petrol expected to increase by up to Rs1.54 per litre and high-speed diesel (HSD) by Rs4.79, industry sources said on Saturday.

According to preliminary estimates, kerosene oil may see a hike of Rs3.06 per litre, while light diesel oil could increase by Rs3.68.

The Oil and Gas Regulatory Authority (OGRA) is scheduled to submit its final pricing calculations to the Petroleum Division on September 15. The Petroleum Division and the Ministry of Finance will forward the summary, including taxes and levies, to the prime minister for approval. The revised rates will come into effect following his consent.

The possible adjustment comes after the government, on September 1, reduced HSD prices by Rs3 per litre, bringing the rate down to Rs269.99, while keeping petrol unchanged at Rs264.61 per litre for the fortnight. Prices of kerosene and light diesel were also lowered slightly during the same review.

The federal government revises fuel prices every two weeks, factoring in global oil benchmarks, exchange rate movements, the Inland Freight Equalisation Margin (IFEM), and various levies such as the Petroleum Levy (PL) and Climate Support Levy (CSL).

On August 15, diesel prices had been slashed by Rs12.84 per litre, while kerosene and light diesel were reduced by Rs7.19 and Rs8.20 per litre, respectively.