On Tuesday, the federal government raised the cost of petrol by Rs17.5, bringing the new price to Rs290.45. Simultaneously, the price of diesel also underwent an increment of Rs20, reaching Rs293.40. The finance division formally communicated these price adjustments, which will remain in effect until the next two weeks. The Ministry of Petroleum received a recommendation from the Oil and Gas Regulatory Authority (OGRA) proposing a Rs12 rise in petrol prices for the upcoming two weeks. Additionally, OGRA suggested a Rs20 increase for high-speed diesel, Rs10 for kerosene, and Rs8 for light diesel.
Officials attributed these new prices to the OGRA’s summary and the global oil market rates. The international oil market experienced an upswing in prices over the past week, although a decrease was observed on Monday. Given the absence of a caretaker cabinet, discussions about these prices took place between finance ministry representatives and the recently appointed caretaker prime minister.
It’s worth noting that the most recent adjustment, announced on August 1, had entailed a Rs20 surge in oil prices.