Petrol, Diesel prices likely to rise in next fuel price review

Petrol and high-speed diesel (HSD) prices are expected to increase in the upcoming fortnightly fuel price review, with preliminary estimates indicating a rise of around Rs10 per litre for petrol and up to Rs40 per litre for diesel from July 18.

The expected increase follows a surge in international oil prices amid renewed tensions between Iran and the United States. Officials said the final adjustment will depend on the remaining Platts price assessments before the government announces revised petroleum prices.

According to officials, the government is also considering reducing the petroleum levy to partially offset the increase and provide relief to consumers.

The anticipated price hike has reportedly triggered hoarding of diesel in some areas, resulting in temporary shortages at certain filling stations despite authorities maintaining that national petroleum stocks remain sufficient.

The issue was reviewed at a meeting of the National Committee on Monitoring and Coordination (NCMC), attended by representatives of the Oil Companies Advisory Council (OCAC), the Oil and Gas Regulatory Authority (Ogra) and other stakeholders.

Ogra's assessment indicated that an unusually high increase in petroleum sales during the first half of July may be linked to stockpiling by some dealers ahead of the expected price revision.