ISLAMABAD (The Thursday Times) — The government has raised the price of petrol by Rs1.85 a litre and high-speed diesel by Rs1.75 from Thursday, a day after it cut petrol by Rs3.19, as Middle East supply fears pushed global oil prices higher again.
Petrol will now cost Rs377.91 a litre, up from Rs376.06, and diesel Rs399.82, up from Rs398.07, the Petroleum Division said on Wednesday. The Oil and Gas Regulatory Authority revised ex-depot prices under the daily pricing mechanism the government adopted last week, citing changes in Platts rates, premiums and incidentals.
Oil rose about 2% on Wednesday after continued fighting in Yemen and an attack on a refinery in Saudi Arabia revived fears of further supply disruption from the Middle East. Brent crude climbed $1.81 to $115.69 a barrel by mid-afternoon GMT, while US West Texas Intermediate gained $2.52 to $102.42, Reuters reported.
Diesel, which drives freight and farm costs, is now within 18 paisas of Rs400 a litre and has risen on each of the last three days. Pakistani fuel prices remain more than 40% above their level before the US-Iran war began on February 28. Jamaat-e-Islami says it will still march on Islamabad in mid-November over the petroleum levy.
