The federal government raised petrol and diesel prices with effect from October 9 and moved to a daily price-review system, while the price monitoring committee ordered tighter checks on essential commodities and transport fares.
ISLAMABAD: The federal government on Wednesday increased the price of petrol by Rs2.31 per litre and high-speed diesel (HSD) by Re0.78 per litre, following changes in international oil prices. The revised prices will remain effective for October 9, according to a notification issued by the Petroleum Division.
After the latest revision, petrol will be available at Rs398.96 per litre, while the price of HSD has been fixed at Rs395.72 per litre, officials said.
The change comes as the government shifts toward a daily fuel price review mechanism. The Oil and Gas Regulatory Authority (Ogra) has begun publishing daily petroleum prices on its website to improve transparency and allow changes in international oil prices to be passed on to consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily prices are based on a seven-day average of international market prices, in line with international practice.
The price revision also brought inflation into focus. On the same day, the National Price Monitoring Committee (NPMC), chaired by Planning and Development Minister Ahsan Iqbal, reviewed wholesale-retail price gaps and the prices of essential commodities, directing the relevant authorities to monitor transport fares.
An official announcement said the minister expressed concern over rising prices of essential commodities, particularly wheat flour, and directed provincial and district administrations to strengthen monitoring of supplies, market arrivals, hoarding, profiteering and unjustified price increases.
Mr Iqbal directed the authorities concerned to compare current transport fares with fares prevailing after the previous fuel price increase to determine whether the increase in fuel prices had resulted in any disproportionate rise in fares.
He also directed the Ministry of Food Security to examine why DAP fertiliser prices remained high in Pakistan despite a decline in international prices, stressing that the benefit of lower international prices should be reflected in the domestic market.
The minister directed that the inspection and quality assessment report regarding ghee, edible oil and milk products be submitted within one week. He said that if the industry had proposed third-party validation, its cost should be borne by the industry and not the government. He asked provincial governments to closely monitor wholesale and retail prices and take enforcement action where unjustified gaps existed, particularly in major markets including Lahore and Karachi, while also calling for close monitoring of supply chains and distribution costs to prevent disproportionate pass-through of fuel price increases to essential food prices.
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