ISLAMABAD: The Pakistan government on Friday increased the prices of petrol by Rs5.44 per litre and high-speed diesel (HSD) by Rs31.05 per litre.
Under the revised rates, the price of high-speed diesel (HSD) has been increased from Rs323.30 per litre to Rs354.35 per litre, reflecting an increase of Rs31.05 per litre.
Similarly, the price of motor spirit (petrol) has been raised from Rs310.71 per litre to Rs316.15 per litre, up by Rs5.44 per litre.
The Petroleum Division said the revised prices would apply for the three-day period from July 18 through July 20.
A few weeks ago, the government announced a major reduction in petroleum prices, slashing the price of petrol by Rs74 per litre and high-speed diesel by Rs67 per litre. The move came in response to a sharp decline in international crude oil prices and easing geopolitical tensions in the Middle East.
Prime Minister Shehbaz Sharif announced the relief package, saying the reductions were intended to pass on the benefits of lower global oil prices to consumers.
Petrol, widely used in motorcycles, rickshaws, and private vehicles, directly impacts the budgets of middle- and lower-income households.
Diesel, primarily consumed by heavy transport, agricultural machinery, and railways, has broader inflationary effects due to its role in moving goods across the country.
Also Read: Pakistan to Revise Fuel Prices Daily Amid Global Oil Market Volatility
Pakistan to revise fuel prices daily
Earlier, the federal government decided to introduce daily adjustments in petroleum prices, replacing the existing periodic review mechanism, as volatility in international oil markets intensifies amid renewed hostilities between Iran and the United States.
Announcing the decision, Minister for Petroleum Ali Pervaiz Malik said the federal cabinet had authorised the Oil and Gas Regulatory Authority (Ogra) to determine fuel prices on a daily basis in line with fluctuations in global oil prices.
Before outlining the new policy, the minister thanked the public on behalf of the government for what he described as their patience in coping with the economic impact of the ongoing regional conflict.
He said the fighting between Iran and the United States appeared to be escalating despite diplomatic and security efforts led by Prime Minister Shehbaz Sharif and Chief of Army Staff Field Marshal Asim Munir.
Under the new mechanism, Ogra will not only announce revised petroleum prices each day but will also publish the pricing formula and the factors that contribute to the final rates charged at petrol stations.
Malik said the government believed greater transparency would help consumers understand how international market movements affect domestic fuel prices.
