Govt hikes petrol price by Rs4.10 and diesel by Rs6.41 per litre
New petrol and diesel prices
After the increase, petrol will cost Rs384.34 per litre across the country. The price of high-speed diesel (HSD) has reached Rs415.83 per litre.
The Petroleum Division said the revised rates will remain effective from September 16. The increase was linked to changes in international oil prices.
Daily fuel price reviews begin
The government has also started publishing daily petroleum prices on the Oil and Gas Regulatory Authority (Ogra) website. The move aims to improve transparency and pass international price changes to consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily rates are calculated using a seven-day average of international oil prices. He added that the method follows international practices.
Middle East tensions affect oil markets
The latest decision comes as renewed conflict in the Middle East continues to create uncertainty in global energy markets. Tensions have also raised concerns about the movement of oil through the Strait of Hormuz.
The government had earlier shifted from a fortnightly review to a weekly fuel price system after the conflict began on February 28. The conflict followed attacks by Israel and the United States on Iran, after which Tehran closed the Strait of Hormuz.
Concerns over energy supply
The Strait of Hormuz was a major route for nearly one-fifth of global energy supplies before the war. Its disruption has increased fears of further pressure on international oil prices and fuel supplies.
A fragile ceasefire between Tehran and Washington collapsed in June, increasing fears of a wider conflict. The latest developments have again disturbed energy flows and added to market uncertainty.
The higher petrol and diesel prices will increase transport and business costs. The daily review system may bring faster price changes, but it could also create more uncertainty for consumers.
The use of a seven-day average may reduce the impact of sudden price movements. However, continued tensions in the Middle East could keep fuel prices under pressure.
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