Government increases petrol, diesel prices

The government has increased the price of petrol by 88 paise per litre to Rs382.02, while the price of high-speed diesel (HSD) has been raised by 53 paise to Rs389.80.

According to a press release issued by the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) revised the ex-depot prices of petroleum products in line with the pricing mechanism set by the federal government.

The revised prices will remain effective for October 21.

The Petroleum Division said the change was necessitated by global developments, including movements in Platts rates, premiums and incidentals.

On Monday, the government reduced the price of petrol by Rs5.16 to Rs381.14 per litre and high-speed diesel by Rs7.69 to Rs389.27 per litre.

In the international market, oil prices slipped from a five-month high during a choppy session on Tuesday as traders priced in Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.