Petrol price up by Rs1.20, diesel down by 17 paisa in daily revision for October 15
Islamabad: The government raised the price of petrol by Rs1.20 per litre on Wednesday, while cutting high-speed diesel by 17 paisa, in the latest daily revision under the new fuel-pricing mechanism. The new rates take effect on Thursday, October 15.
What are the new prices?
Under the ex-depot prices revised by the Oil and Gas Regulatory Authority (OGRA), petrol now costs Rs393.86 per litre, up from Rs392.66. Diesel has eased slightly, from Rs396.82 to Rs396.65 per litre. The Petroleum Division said the changes followed movements in international Platts rates, premiums and other incidental costs.
The adjustment reverses part of the previous day’s relief. For October 14, petrol had been cut by Rs2.71 per litre and diesel by three paisa — a reminder that under the daily system, prices can move up one morning and down the next.
How the daily system works
Prices are now worked out from a seven-day average of international market rates, and OGRA announces them daily without waiting for a separate government approval each time. Petroleum Minister Ali Pervaiz Malik has said the daily prices rest on that seven-day average, in line with international practice. Pakistan moved first from fortnightly to weekly reviews, and then to daily revisions, after volatility in global oil markets linked to the conflict in the Middle East made longer pricing intervals harder to manage.
