The Ministry of Finance explained the recent uptick in petroleum prices, attributing it to fluctuations in the global oil market. According to a ministry spokesperson, the rise in global oil prices, with petrol and high-speed diesel climbing by US$ 3.82 and US$ 4.30 per barrel, respectively, directly influenced the fortnightly increase in domestic prices.
The Oil and Gas Regulatory Authority (OGRA) recommended a hike in petrol prices by Rs. 4.53 and high-speed diesel by Rs. 8.14, citing international market dynamics and exchange rate fluctuations. The Ministry stressed that petroleum product pricing is closely tied to global market conditions, particularly pointing to heightened uncertainty in the Middle East. While expressing hope for stability in the region to ease pressure on oil prices, the spokesperson acknowledged that until such a resolution occurs, Pakistani consumers may experience the effects of international market volatility.
Despite recent adjustments, with petrol priced at Rs. 293.94 per litre and diesel at Rs. 290.38 per litre, the government remains attentive to global trends impacting domestic fuel costs.
