Petrol rises Rs1.85 to Rs377.91, diesel up to Rs399.82 from October 29

ISLAMABAD — The government has raised the prices of both petrol and high-speed diesel, with the new rates taking effect on Thursday, October 29. The Petroleum Division issued the notification on Wednesday, under the daily fuel-pricing mechanism that replaced weekly reviews in July.

Petrol now costs Rs377.91 a litre, up Rs1.85 from Rs376.06. High-speed diesel (HSD) has risen Rs1.75, from Rs398.07 to Rs399.82 a litre — just 18 paisa short of the Rs400 mark.

A day of relief, then another rise

The petrol increase claws back part of Wednesday’s cut, when petrol fell Rs3.19 for October 28. Diesel tells a harsher story: this is its fifth consecutive increase. On October 20 it stood at Rs389.27 a litre; in nine days it has climbed Rs10.55.

Why OGRA raised the prices

The Oil and Gas Regulatory Authority (OGRA) revised the prices on the federal government’s pricing mechanism, citing changes in international Platts rates, premiums and incidental costs. The refined petrol benchmark rose from $120.21 to $121.28 a barrel and the diesel benchmark from $113.13 to $114.15. Petrol’s ex-refinery price climbed from Rs265.30 to Rs267.15 a litre, while diesel’s import cost rose from Rs290.52 to Rs292.27.

Levies and margins unchanged

Government levies are untouched: the petroleum levy stays at Rs80 a litre and the climate support levy at Rs5 a litre on both fuels. Dealer margins of Rs9.98 and oil marketing company margins of Rs7.87 a litre are also unchanged.

The global backdrop

World oil markets firmed on Wednesday as renewed fighting in Yemen and an attack on a refinery in Saudi Arabia revived fears of supply disruption in the Middle East. Brent crude rose about 1.6 percent to $115.69 a barrel, with US West Texas Intermediate up 2.5 percent at $102.42.

What it means for consumers

For motorcyclists and car owners, dearer petrol pushes the monthly fuel bill up again. But it is diesel’s relentless climb that bites hardest — freight, public transport and farm machinery all run on it, and that pressure tends to show up, sooner or later, in the prices of everyday goods.