Petrol up to Rs392.76, diesel Rs399.64 per litre for October 3 to 5
Petrol up to Rs392.76, diesel Rs399.64 per litre for October 3 to 5
The federal government on Friday announced a second petrol price hike in two days, raising petrol by Rs2.10 to Rs392.76 per litre and high-speed diesel by 30 paisas to Rs399.64 per litre. The new rates take effect from October 3 and remain in force till October 5, according to a notification issued by the Petroleum Division.
The back-to-back revisions reflect the daily pricing mechanism now in use. A day earlier, the government had increased petrol by Rs3.26 per litre while cutting diesel by Rs1.01 for October 2. Petrol has now risen by Rs5.36 per litre in the space of two days.
Why the petrol price hike keeps coming
On July 17, the government replaced the weekly pricing system with daily revisions, tasking the Oil and Gas Regulatory Authority with notifying prices each day. The move was a response to sharp swings in global oil markets as renewed tensions between the United States and Iran raised fears of supply disruption.
That volatility has not eased. International prices respond quickly to decisions by OPEC+, conflict in the Middle East, sanctions on oil-producing states, and threats to shipping through the Strait of Hormuz and the Red Sea. Pakistan imports the bulk of its petroleum, so every shift in the global market lands directly on domestic pumps.
There was some relief on the international front on Friday. Oil prices fell about $2 after European leaders agreed, at the request of US President Donald Trump, to release diesel from their reserves to cool prices. Brent crude dropped $1.80, or 1.76 per cent, to $100.50 a barrel, while West Texas Intermediate fell $2.02, or 2.18 per cent, to $90.85. European Union states backed a French proposal to release additional diesel stockpiles, a step analysts said showed how exposed the continent feels to any export squeeze.
Relief scheme and austerity measures in the background
The government has tried to soften the blow for small consumers. On September 13, Prime Minister Shehbaz Sharif announced a relief scheme offering Rs100 per litre off petrol for motorcycles, three-wheeler rickshaws and cars with engines up to 800cc.
The scheme covers an estimated 11.8 million beneficiaries. Around ten million two-wheeler owners and 800,000 three-wheeler owners can claim relief on 20 litres of fuel a month, worth up to Rs2,000 each, while one million owners of small cars get relief on 30 litres a month, worth up to Rs3,000 each.
Separately, on September 17, the government reintroduced fuel conservation measures as prices climbed. Shops, markets and malls must close by 9pm, marriage halls by 10pm, and restaurants by 11pm, with takeaway and home delivery exempt.
What happens next
Under the daily mechanism, the next revision lands after October 5. With global markets still unsettled and the government balancing revenue needs against consumer pressure, pump prices are likely to keep moving in small daily steps rather than settling.
What are the new petrol and diesel prices?
Petrol now costs Rs392.76 per litre, up Rs2.10, and high-speed diesel costs Rs399.64 per litre, up 30 paisas. The rates apply from October 3 to October 5.
When do the new fuel prices take effect?
The revised prices take effect on October 3 and remain valid till October 5, when the next daily-mechanism revision is due.
Why are fuel prices changing every day?
Since July 17, the government has used a daily pricing mechanism under which Ogra notifies new prices each day, replacing the old weekly cycle. The change was made to track fast-moving global oil markets during US-Iran tensions.
Is there any relief for motorcycle and rickshaw owners?
Yes. A September 13 scheme gives Rs100 per litre off petrol for motorcycles, three-wheeler rickshaws and cars up to 800cc, covering about 11.8 million beneficiaries with monthly fuel caps.
