Petrol and Diesel Prices Likely to Increase Today

Petrol and diesel prices are expected to increase in the upcoming fortnightly fuel price review, with high-speed diesel (HSD) likely to see the sharpest hike following a rise in global oil prices.

According to preliminary estimates, HSD prices could increase by as much as Rs. 40 per litre, while petrol may become around Rs. 10 per litre more expensive when the revised prices take effect from July 18.

Officials said the government is considering reducing the petroleum levy to partially offset the impact of higher international prices and provide some relief to consumers. The expected increase has also triggered reports of diesel hoarding in parts of the country, with some filling stations facing temporary shortages despite officials maintaining that national petroleum stocks remain adequate.

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

According to officials, petroleum product sales during the first half of July increased significantly above normal consumption levels, raising concerns that some dealers and distributors were stockpiling fuel ahead of the expected price hike. OGRA’s analysis also suggested the unusual surge in demand may be linked to hoarding.

The committee directed OGRA to strengthen market surveillance and enforcement against speculative practices, while provincial governments were asked to carry out inspections and take action against anyone creating artificial shortages or disrupting fuel supplies.

Officials reiterated that Pakistan’s petroleum inventories remain sufficient to meet current demand and urged consumers to avoid panic buying, while instructing oil marketing companies to ensure uninterrupted fuel supplies across the country.