Petrol becomes costlier as price rises by Rs2.43 to Rs265.45 per litre

• Revised fuel rates will remain in effect from November 1 to 15.
• OGRA reviews global oil trends before finalising recommendations.
• Finance Division issues notification after reviewing ministry summaries.

The petrol price has been increased by Rs2.43 per litre for the next fortnight, effective from November 1, following recommendations from the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries.

Petrol has been set at Rs265.45 per litre for the next fifteen days, the Finance Division said in a notification based on the authority’s latest review.

High-speed diesel (HSD) has also become costlier, climbing by Rs3.02 to Rs278.44 per litre, a change officials say reflects adjustments recommended by the relevant ministries.

Meanwhile, sources said kerosene edged up by Rs3.34 to Rs185.05 per litre, and light diesel oil ticked higher by Rs1.22, reaching Rs163.98.

The News on Wednesday reported that petroleum prices were expected to rise by up to Rs2.34 per litre from the next fortnight, driven by swings in global oil markets and the impact of recent US sanctions on major Russian producers.

Preliminary calculations for the first 12 days of the pricing cycle had suggested that petrol may increase by Rs1.48 per litre and high-speed diesel (HSD) by Rs1.38. Kerosene could see a larger jump of Rs2.34 per litre, while LDO may edge up by Re0.49.

In line with fluctuations in the international fuel market, the federal government earlier this month reduced the price of petrol by Rs5.66 per litre for the fortnight.

According to a notification issued by the Finance Division, petrol was priced at Rs263.02 per litre. The price of high-speed diesel (HSD) was also reduced by Rs1.39 to Rs275.41 per litre.

Similarly, the price of kerosene oil was cut by Rs3.26 to Rs181.71 per litre. The government had set the price of light diesel oil at Rs162.76 per litre for the fortnight.

Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting.

On the other hand, a significant portion of the transport sector relies on high-speed diesel.

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers. 

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.