Petrol and diesel prices increase in Pakistan again – Check new rates
Under the new rates, petrol will now cost Rs334.54 per litre, while high-speed diesel will be sold at Rs395.69 per litre. The revised prices will remain effective for August 19, according to the government notification.
Daily fuel price system introduced
The Oil and Gas Regulatory Authority has started publishing daily petroleum prices on its website. The new system is aimed at improving transparency and allowing changes in international oil prices to reach consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily rates are calculated using the average international oil prices recorded over seven days. He said the method follows practices used in other countries.
Petrol and diesel rates revised
Before the latest increase, petrol was priced at Rs331.20 per litre and diesel at Rs390.45 per litre. The new petrol rate is Rs334.54, while diesel has increased to Rs395.69 per litre.
The government decided to move to daily price reviews as global oil markets continue to face uncertainty. Rising tensions in the Middle East have added further pressure to international energy prices.
Middle East tensions affect oil markets
The government had earlier moved from fortnightly reviews to weekly price changes after the conflict in the Middle East began on February 28. The conflict disrupted concerns around the Strait of Hormuz, a key global energy route.
Tensions later increased after a fragile June truce between Tehran and Washington broke down. The situation has raised fears of further conflict and possible disruptions to international energy supplies.
How the new system will work
Under the new mechanism, Ogra will announce daily ex-depot prices for petrol and high-speed diesel. The prices will be based on the average international market rates recorded during the previous seven days.
Ogra can announce the daily rates without seeking prior approval from the prime minister or federal government. However, prices announced on Fridays will remain unchanged on Saturdays and Sundays.
The latest increase means consumers will face higher fuel costs, especially diesel users. The new daily system could make local prices respond faster to changes in the global oil market.
However, frequent price changes may also make household and business budgeting more difficult. Much will depend on how international oil prices and regional tensions develop in the coming weeks.
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