Petrol prices set for major hike from October 16

ISLAMABAD: Petrol prices are set to increase in Pakistan in line with the upward trend in the global market, ARY News reported on Friday citing sources.

According to official sources, the cost of major petroleum products, including petrol and high-speed diesel (HSD), is expected to rise by around Rs5.50 and Rs13 per litre, respectively, starting October 16.

Currently, petrol’s average price in the international market has risen to nearly $79 per barrel, up from about $76, while HSD has climbed from $80.5 to approximately $87.5 per barrel.

Despite these international price hikes, the import premium for both petrol and HSD remained stable at $8.7 and $5 per barrel, respectively, with the exchange rate remaining relatively consistent during this period.

Moreover, the government is likely to increase the profit margin for oil companies by Rs1.35, raising it to Rs9.22 per litre. For petrol dealers, the proposed increase is Rs1.40, bringing their margin to Rs10.04 per litre.

Earlier, on October 1, the government had cut the price of petrol by Rs2.07 per litre for the next fortnight, bringing the rates down from Rs249.10 to Rs247.03 per litre.