Petrol Price in Pakistan Jumps Rs16.16/Litre in Just 5 Days
ISLAMABAD: Petrol prices in Pakistan increased by Rs16.16 per litre within five days, while diesel prices also recorded a net increase of nearly Rs16.97 per litre during the same period, putting additional pressure on household budgets, transporters and businesses.
Under a cabinet decision taken on July 17, the Oil and Gas Regulatory Authority (OGRA) determines petroleum prices on a daily basis in line with movements in international oil markets.
Between August 18 and August 22, petrol prices continued to rise, with consumers receiving no reduction during the period. The price of petrol increased by Rs5.77 per litre on August 18, reaching Rs331.20 per litre.
The price then rose by another Rs3.34 on August 19, taking it to Rs334.54 per litre. A further increase of Rs2.97 was recorded on August 20, followed by another Rs0.27 increase on August 21.
On August 22, petrol prices increased by a further Rs3.81 per litre, taking the rate to Rs341.59 per litre.
Diesel prices also witnessed significant fluctuations. The price increased by Rs6.47 per litre on August 18, reaching Rs390.42, followed by another Rs5.27 increase on August 19, taking the rate to Rs395.69.
However, diesel prices were reduced by Rs32.63 per litre on August 20, bringing the price down to Rs363.06 for one day. The rate subsequently increased by Rs1.64 on August 21 and Rs3.59 on August 22, reaching Rs368.29 per litre.
As a result, diesel recorded a cumulative increase of Rs16.97 per litre during the five-day period, although consumers received an effective relief of Rs15.66 per litre due to the one-day reduction.
The temporary reduction in diesel prices followed consultations with oil refineries on the instructions of the prime minister. However, prices increased again during the following two days.
Fuel prices are not revised on Saturdays and Sundays due to the weekend holiday. The daily pricing mechanism is expected to resume on Monday, with petrol and diesel rates reviewed according to international market movements.
The frequent fluctuations in petroleum prices come amid heightened tensions in the Middle East and could further affect transportation costs, prices of essential commodities and household expenses across the country.
