ISLAMABAD: Federal government has increased petrol and diesel prices, according to a notification issued by the Petroleum Division on Tuesday.
The price of petrol has been raised by 88 paisa per litre to Rs 382.02, while high-speed diesel has become more expensive by 53 paisa per litre, taking its new price to Rs 389.80.
The revised prices will take effect on Oct. 21, the notification said.
Earlier, Federal government on Monday reduced petrol prices by Rs5.16 per litre and high-speed diesel prices by Rs7.69, with the new rates taking effect October 20.
Under the latest revision, petrol will cost Rs381.14 per litre, down from Rs386.30, while high-speed diesel will be priced at Rs389.27, compared with Rs396.96 previously.
According to a notification issued by the Petroleum Division, the revised prices follow changes in the international oil market.
The Oil and Gas Regulatory Authority has begun publishing daily petroleum prices on its website under a new pricing mechanism aimed at improving transparency and allowing fluctuations in global oil prices to be reflected more quickly in domestic rates.
Under the new framework, Ogra will determine daily ex-depot prices for petrol and high-speed diesel using average international prices recorded over the previous seven days. The regulator can announce the prices without prior approval from the prime minister or federal government.
