Pakistan raises petrol price despite global oil decline

The Shehbaz government in Pakistan has raised the price of petrol despite a global decline in crude oil prices. The new price, effective from October 6, 2026, will be Rs393.64 per litre, an increase of Rs0.88 from the previous Rs392.76. Meanwhile, the price of high-speed diesel (HSD) has been reduced by Rs1.88, bringing it down to Rs397.76 per litre.

The decision comes after the Oil and Gas Regulatory Authority (OGRA) reviewed ex-depot prices under the government’s petroleum pricing mechanism. The Petroleum Division noted that the revised prices were based on changes in Platts rates, premiums, and other related costs in the international market.

Interestingly, global crude oil prices fell on Monday, with Brent crude futures dropping by $1.10 to $101.15 per barrel, and US West Texas Intermediate (WTI) crude declining by 89 cents to $90.22 per barrel. The decrease was attributed to higher crude exports from the Middle East and measures by the Group of Seven (G7) countries to increase supplies.

This is the second price adjustment in less than a week. Earlier, the government had raised petrol prices by Rs2.10 per litre on Friday, bringing it to Rs392.76 per litre. The price of high-speed diesel had also been increased by Rs0.30 per litre to Rs399.64 per litre, though those rates were only applicable for three days.