Petrol price rises Rs4.61 per litre, diesel falls Rs1.96

The federal government on late Monday evening revised the prices of both petrol and High Speed Diesel for September 22, 2026.

The price of petrol has been increased by Rs4.61 per litre, taking the new price to Rs393.75 per litre.

Meanwhile, the price of diesel has been reduced by Rs1.96 per litre, bringing its new price to Rs422.08 per litre, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).

According to the OGRA notification, the revised prices are linked to petrol and diesel prices in the international market.

The updated prices will be implemented from tonight and will stay in practice till tomorrow evening.

Meanwhile, diesel prices have also rallied in Europe and the United States to record highs as wars in Iran and Ukraine sharply cut exports from some of the biggest producers such as Russia, Saudi Arabia and the United Arab Emirates, with little options to prevent further gains.

Diesel futures in Europe closed at an all-time high last week having more than double their level at the beginning of 2026, after supply disruptions spread to the Red Sea, where Saudi Arabia loads most of its diesel.

The wars in the Middle East and Ukraine have damaged oil refineries in the region, and refineries elsewhere are working hard to make fuels. In the United States for example, refineries operated at the highest level in eight years in late August, according to the International Energy Agency.

“A key issue is that many refineries around the world are already stretched to capacity,” the International Energy Agency said in a newsletter on Monday. “This leaves few available options to prevent a further tightening of supplies and higher prices in the coming months.”

Middle East diesel exports halved from March to August compared to a year earlier, averaging 800,000 barrels per day, according to shipping data from Kpler. The Middle East supplied nearly 41% of Europe’s diesel imports in 2025, Kpler data showed.

“Any further disruption to Red Sea flows risks tightening an already stretched global diesel market,” said Kpler analyst George Shaw, adding that global diesel markets remain vulnerable as refining capacity continues to be the key pinch point.