Diesel price rises by Rs3.74 per litre as petrol becomes cheaper
Diesel price rises while petrol gets cheaper
The government has increased the diesel price by Rs3.74 per litre and reduced the petrol price by Rs3.13 per litre. The latest changes come as international oil markets continue to face uncertainty.
Under the revised rates, high-speed diesel will now cost Rs378.05 per litre. Petrol, meanwhile, will be available at Rs345.87 per litre.
New fuel rates remain in effect
According to the government notification, the revised fuel prices will remain effective until September 7. The change means diesel users will face higher costs, while petrol consumers will get some relief.
The mixed price adjustment reflects continued movement in international oil markets. Global developments are expected to remain important for fuel prices in the coming days.
Ogra introduces daily price updates
The Oil and Gas Regulatory Authority (Ogra) has started publishing petroleum prices on its website every day. The move is aimed at improving transparency and allowing international oil price changes to reach consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily prices are calculated using a seven-day average of international market prices. He said the approach follows international practice.
Middle East tensions keep markets uncertain
The government decided to shift to a daily fuel price review system because of volatility in global oil rates linked to renewed tensions in the Middle East. The situation has raised concerns about possible disruptions to international energy supplies.
The government had earlier introduced a weekly review system after the Middle East conflict began on February 28, when Israel and the United States attacked Iran. Tehran then shut the Strait of Hormuz, a major energy route that had carried around one-fifth of global energy supplies before the conflict.
Tensions increased after a fragile June truce between Tehran and Washington collapsed. The renewed uncertainty has raised fears of a wider conflict and further disruption to energy flows through the Strait.
Fuel pricing system changes
Petroleum prices were previously revised every two weeks. The move towards daily reviews is expected to make domestic fuel prices respond more quickly to changes in international markets.
The new system could bring more frequent changes for consumers depending on global oil movements. It also gives authorities a way to adjust local rates more closely with international price trends.
The diesel price increase could raise transport and business costs because diesel is widely used by commercial vehicles. The petrol price cut, however, gives some relief to motorists using petrol-powered vehicles.
Daily fuel reviews mean prices may change more quickly when international oil rates move. Middle East tensions and energy flows through the Strait of Hormuz will remain important factors.
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