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The federal government of Pakistan kept the petrol price unchanged at PKR 265.45 per litre for the next two weeks, acting on recommendations from the country's Oil and Gas Regulatory Authority (OGRA), Geo News reported.
According to Geo News, citing a notification issued by Pakistan's Finance Division on Saturday, petroleum prices were reviewed after consultations with OGRA and other relevant ministries. However, the government increased the price of high-speed diesel (HSD) by PKR 6 per litre, raising it from PKR 278.44 to PKR 284.44, Geo News reported. Earlier this month, on November 1, petrol prices were increased by PKR 2.43 per litre to PKR 265.45, while HSD rose by PKR 3.02 per litre to PKR 278.44. As per The News International, citing industry sources, earlier in the week, petroleum prices were expected to rise by up to PKR 9.60 per litre from November 16 due to a tightening of diesel supplies in the Gulf region. Pakistan, which relies heavily on diesel imports from Kuwait, is facing constraints after maintenance work at a Kuwaiti refinery was extended by another 15 days, The News International stated. Production at the Al-Zour refinery in Kuwait has also been partially affected, with only two of its three units operating normally. Reduced output from these facilities has pushed up global diesel prices, increasing Pakistan's import costs. Based on 13 days of international market data, HSD prices were initially projected to climb to PKR 288.04 per litre, reflecting a 3.4 per cent increase, as reported by Geo News. With two days of global trading data remaining, officials noted that fluctuations in international oil prices could still influence the final adjustment. Petrol, on the other hand, had been expected to see a slight reduction of PKR 1.96 per litre, potentially bringing the rate down to PKR 263.49. Kerosene was projected to rise by PKR 8.82 to PKR 193.87 per litre, while light diesel oil was expected to increase by PKR 7.15 to PKR 171.13 per litre. (ANI)
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