ISLAMABAD: Petrol prices in Pakistan rose by more than Rs16 per litre over five days, while diesel prices increased by nearly Rs16.97 per litre despite a one-day reduction, adding to pressure on household budgets and transportation costs.
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 international market rates.
During the period from August 18 to August 22, petrol prices increased to a total of Rs16.16 per litre without any discount being provided to consumers.
The price of petrol increased by Rs5.77 per litre on August 18 reaching a total of Rs331.20 per litre. Prices increased by another Rs3.34 on August 19 reaching Rs334.54 per litre and were further increased by Rs2.97 on August 20 and Rs0.27 on August 21.
The price of petrol further increased by Rs3.81 per litre on August 22 to reach a price of Rs341.59 per litre.
Diesel prices also saw a sharp fluctuation during the same period. The price of diesel increased by Rs6.47 per litre on August 18 to Rs390.42 and by Rs5.27 per litre on August 19 to reach Rs395.69 per litre.
However, the price of diesel was reduced by Rs32.63 per litre on August 20 for only one day resulting in a price of Rs363.06 per litre. Prices increased by Rs1.64 per litre on August 21 and Rs3.59 per litre on August 22 to reach Rs368.29 per litre.
Therefore, the price of diesel increased by Rs16.97 per litre during the five days while consumers received an effective relief of Rs15.66 per litre.
The government’s decision to reduce diesel prices for one day followed consultations with oil refineries on the instructions of the prime minister. However, the price was increased again over the following two days.
Fuel prices are not revised on Saturdays and Sundays due to the weekend holiday. The daily pricing mechanism will resume from Monday, with petrol and diesel rates to be reviewed each day in line with international market movements.
The frequent changes in fuel prices come amid heightened tensions in the Middle East and have raised concerns over their impact on transportation costs, essential commodities and overall household expenses.
