Diesel up Rs2.29 to Rs402.96 a litre, petrol unchanged at Rs377.91

ISLAMABAD: The federal government has increased the price of high-speed diesel by Rs2.29 a litre, while the price of petrol has not been changed for the next three days.

Under the new rates, diesel will be sold at Rs402.96 a litre and petrol will stay at Rs377.91 a litre. The prices will remain in force until 2 November.

A day earlier, the price of diesel had also been raised by 85 paisa a litre, taking it above Rs400.

Under a new system approved by the federal cabinet, the Oil and Gas Regulatory Authority (Ogra) will issue the ex-depot prices of petrol and diesel on its website every day. The aim is said to be to increase transparency and pass on changes in the international market to consumers sooner.

According to Minister for Petroleum Ali Pervaiz Malik, the new system will be based on the seven-day average of international petroleum prices. Before this, a weekly system was in place, introduced after the Israel-Iran conflict began in February. Before that, prices were set every fortnight.

According to an official document, Ogra will not need prior approval from the prime minister or the federal government to issue prices daily. Prices issued on Friday will also remain in force on Saturday and Sunday.

The document also says the petroleum levy cannot exceed the limit approved by the cabinet, and any change in the levy rate will require approval from the Ministry of Finance. The prices of kerosene oil and light diesel oil will also be set daily.

For the financial year 2026-27, high-speed diesel will be imported only through Pakistan State Oil, while oil marketing companies will be able to import petrol according to their market share. Companies that fail to meet their import obligations will not get new import permission for nine months.