OGRA raises petrol by Rs1.54 and diesel by Rs2.16 per litre
New rates apply from October 27; the regulator blamed higher international benchmarks and Platts pricing while levies and profit margins stay frozen.
ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has raised the price of petrol by Rs1.54 a litre and high-speed diesel by Rs2.16, with the new rates taking effect on October 27.
Petrol will retail at Rs379.25 a litre, up from Rs377.71, while high-speed diesel rises to Rs395.82 from Rs393.66, according to the regulator's price announcement.
OGRA attributed the adjustment to developments in the international market and to changes in Platts pricing, premiums and incidentals. The average price of refined petrol rose to $118.41 a barrel from $117.52 on October 24, and the diesel benchmark edged up to $110.58 a barrel.
Those movements fed directly into the domestic cost structure. The ex-refinery price of petrol climbed to Rs268.49 a litre from Rs266.95, and the import cost of high-speed diesel rose to Rs288.27 a litre from Rs286.11.
A notification issued by the Petroleum Division stated that government levies and the fixed profit margins on both fuels remain unchanged. Petrol and diesel each carry a petroleum levy of Rs80 a litre and a climate support levy of Rs5 a litre.
Dealers will keep a margin of Rs9.98 a litre and oil marketing companies Rs7.87 a litre. The inland freight equalisation margin is held at Rs7.91 a litre for petrol and Rs4.70 a litre for diesel, meaning the cost of moving fuel to depots away from the ports and refineries is absorbed at the same rate as in the previous revision.
Because the levies and margins are fixed in rupee terms, the entire increase announced on Monday reflects the imported and ex-refinery cost of the two products rather than any change in taxation. Petrol and diesel are the country's two most consumed transport fuels, and their prices feed into transport fares, agricultural pumping costs and electricity tariffs, where diesel-fired generation remains part of the grid.
OGRA reviews the prices of petroleum products under the government's fortnightly mechanism, in which it passes on movements in international benchmarks and import costs after accounting for the fixed levies and margins. Monday's announcement covers the next pricing period beginning October 27.
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