Pakistan Petrol Prices Rise Again Despite Global Oil Price Drop

Despite global crude oil prices plummeting by over $3, Pakistan's Shehbaz government has hiked petrol and diesel prices for the second time in a row. The price of petrol increased by Rs2.10 per litre to Rs392.76 from Rs390.66, while high-speed diesel (HSD) rose by Re0.30 per litre to Rs399.64 from Rs399.34.

The price hike is effective from October 3 to 5, 2026. The decision was made after the Oil and Gas Regulatory Authority (OGRA) reviewed new ex-depot prices of petroleum products under the government's pricing mechanism. This move comes despite a decline in international oil prices.

On Friday, Brent crude fell by $3.06, or around 3%, to $99.25 per barrel, while West Texas Intermediate (WTI) declined by $3.95, or 4.25%, to $88.92 per barrel. European gasoil futures also dropped by more than 4%.

The government is continuing to collect petroleum levy and other charges, adding to the financial burden on consumers. The price revision was necessitated by changes in international Platts rates, premiums, and other related costs, according to the Petroleum Division.