The federal government on Saturday maintained the petrol price at Rs265.45 per litre for the next fortnight, following recommendations from the Oil and Gas Regulatory Authority (Ogra).
"The government has revised the prices of the petroleum products following input from the Ogra and the relevant ministries," a Finance Division notification said on Saturday.
The government, however, raised the rates of high-speed diesel (HSD) by Rs6 from Rs278.44 to Rs284.44 per litre.
On November 1, the government raised petrol by Rs2.43 per litre and set the rate at Rs265.45, while HSD was increased by Rs3.02 to Rs278.44 for the fortnight.
Quoting industry sources, The News earlier this week reported that the prices of petroleum products were likely to rise by up to Rs9.60 per litre for the next fortnight starting November 16, mainly due to reduced diesel availability in the Gulf region.
According to the sources, Pakistan, which imports most of its diesel from Kuwait, is facing supply constraints following maintenance work at one of Kuwait’s refineries, sources told the English daily.
The maintenance shutdown, initially planned for early November, has been extended to another 15 days, tightening regional diesel supplies.
In addition, production at Kuwait’s Al-Zour refinery — one of the region’s largest — has been partially affected, with only two of its three units operating at full capacity.
The lower output of HSD from these facilities has pushed up international prices, directly impacting Pakistan’s import cost. As a result, based on 13 days of price data, the rate of HSD was projected to increase by Rs9.60 per litre, bringing the new price to Rs288.04 per litre, up from the current Rs278.44 — a rise of 3.4%.
However, with two days of global trading data still pending, international oil prices may fluctuate further, meaning the final adjustment in POL prices could vary from the current estimates. In contrast, the petrol prices are likely to see a marginal decrease of Rs1.96 per litre, with the new rate expected to settle at Rs263.49 per litre, compared to the current Rs265.45, reflecting a 0.7% drop.
Kerosene was also projected to surge by Rs8.82 per litre to Rs193.87, from Rs185.05 (an increase of 4.8%), while light diesel oil was likely to increase by Rs7.15 per litre to Rs171.13, from Rs163.98 (an increase of 4.4%).