Diesel price rises by Rs3.47, petrol remains near Rs400 per litre
The government reduced petrol by Re0.43 per litre and raised high-speed diesel (HSD) by Rs3.47 due to changes in international oil prices. Petrol will now cost Rs390.79 per litre, while diesel will be sold at Rs424.92 per litre.
Revised fuel prices announced
The Petroleum Division issued a notification confirming the new rates. The revised prices will remain effective from September 18.
The government said the changes were linked to fluctuations in global oil markets. The latest adjustment has pushed diesel prices higher, while petrol remains close to Rs400 per litre.
Ogra starts daily price updates
The Oil and Gas Regulatory Authority (Ogra) has started publishing daily petroleum prices on its website. The move aims to improve transparency and help pass changes in international oil prices to consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily prices are calculated using a seven-day average of international market rates. He added that this method follows international practice.
Global tensions affect oil markets
International oil prices have remained unstable because of renewed tensions in the Middle East. The government therefore decided to move towards a daily fuel price review system.
Earlier, authorities introduced a weekly review system after the conflict began on February 28. Israel and the United States attacked Iran, after which Tehran closed the Strait of Hormuz, a major route for global energy supplies.
Government changes fuel review mechanism
Tensions increased after a fragile ceasefire between Tehran and Washington collapsed in June. The situation revived fears of a wider conflict and raised concerns about energy supplies passing through the Strait of Hormuz.
Before the weekly system was introduced, petroleum prices were revised every two weeks. The new daily review mechanism is intended to respond more quickly to changes in international oil prices.
The increase in diesel prices may raise transport and delivery costs because diesel is widely used by commercial vehicles. The small reduction in petrol prices may provide limited relief to private vehicle users.
The new daily review system could make fuel price changes more transparent and faster. However, frequent changes may also create uncertainty for consumers, transporters and businesses.
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