The Government of Pakistan increased the petrol price by Rs3.72 per litre and high-speed diesel by Rs3.29/ltr on Saturday, as the finance ministry announced new rates as part of the fortnightly revision.

The new prices of petrol and HSD after the increase are Rs252.10 and Rs258.38, respectively. Moreover, rates of Kerosene oil and light diesel oil were decreased by 62 paise and 48 paise per litre respectively.

Earlier this month, the Oil and Gas Regulatory Authority kept the prices of petroleum products unchanged.

International oil prices edged lower on Friday and posted a weekly decline of more than 3%, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC+ is expected to extend output cuts, Reuters reported.

Brent crude fell 34 cents, or 0.46%, to settle at $72.94 a barrel. US West Texas Intermediate crude futures fell 72 cents, or 1.05%, to settle at $68, from the last close before Thursday’s Thanksgiving holiday.

Pakistan’s fuel rates are determined by a pricing formula approved by the government.

In the fiscal year budget, the government increased the maximum petroleum levy from Rs60 to Rs70 per litre to collect Rs1.28 trillion. The target is nearly Rs150 billion higher than the previous year’s collection of Rs1.019 trillion and exceeds the budget target of Rs869 billion.

The government has imposed about Rs78 per litre tax on petrol and HSD.

Additionally, it levies around Rs8 per litre in customs duties on petrol and HSD, regardless of whether they are produced locally or imported. Oil companies and their dealers also receive approximately Rs17 per litre in distribution and sale margins.

Petroleum prices in the country have decreased Rs47.54 per litre since May, Petroleum Minister Musadik Malik said on September 12.