ISLAMABAD: The federal government has increased the price of high-speed diesel by Rs2.29 per litre for three days, while keeping the petrol price unchanged, according to an official notification issued by the Oil and Gas Regulatory Authority (OGRA) on Friday.
The revised prices will remain in effect from October 31 through November 2, the notification said.
Petrol will continue to sell at Rs377.91 per litre, while the price of high-speed diesel has been raised to Rs402.96 per litre.
The notification said OGRA determined the prices under the government’s pricing mechanism. The revised rates took effect at midnight and will remain applicable until midnight on Nov. 2.
Earlier, Pakistan has approved a tax-neutral bonded policy that will allow Saudi companies to establish commercial oil reserves in the country without local tax liabilities, part of a push to attract foreign investment.
The decision was announced during a meeting between Federal Minister for Petroleum Ali Pervaiz Malik and Saudi Arabia's new ambassador to Pakistan, Dr. Rajeh bin Tami Al-Baqami, to discuss cooperation in the mining, petroleum and energy sectors, according to a statement. The talks covered strategic oil storage, refinery upgrades, LPG supplies and facilitation of commercial engagement.
Malik told the envoy that the bonded policy is benchmarked against international energy hubs such as Fujairah and Singapore. Under the framework, Saudi companies can set up commercial oil reserves in Pakistan free of local tax obligations, offering an opportunity to diversify maritime transit risks associated with the Strait of Hormuz and the Bab al-Mandeb Strait while improving access to Asian markets, the statement said.
