The federal government has raised the price of petrol by Rs1.20 per litre and cut the price of high-speed diesel by 17 paisa per litre, effective Thursday, October 15, according to the state news agency APP.
A press release from the Ministry of Energy's Petroleum Division said petrol rose from Rs392.66 to Rs393.86 per litre, while high-speed diesel fell from Rs396.82 to Rs396.65 per litre. The Oil and Gas Regulatory Authority's price sheet shows the same rates.
The Petroleum Division said the revision reflected developments in the international market, including changes in Platts rates, premiums and incidental costs. A day earlier, on Tuesday, the government had cut petrol by Rs2.71 and diesel by three paisa per litre.
According to The News, under a cabinet-approved framework OGRA now issues petrol and diesel prices daily, based on a rolling seven-day average of international prices. Petroleum Minister Ali Pervaiz Malik has said the system is meant to improve transparency and pass changes in global oil prices on to consumers more quickly. Prices notified on Fridays remain unchanged over the weekend, the report said.
Global oil prices have been volatile because of hostilities in the Middle East and disruption to energy shipments through the Strait of Hormuz. Before the daily mechanism, the government reviewed fuel prices weekly, and before that fortnightly.