Petrol and diesel prices increase in Pakistan
Under the new rates, petrol will now cost Rs343.87 per litre, while high-speed diesel will be sold at Rs370.92 per litre. The revised prices will take effect from September 2.
The government said the latest increase is linked to changes in international oil prices. The move comes as global energy markets remain under pressure due to renewed tensions in the Middle East.
Daily fuel price review begins
The Oil and Gas Regulatory Authority (Ogra) has started publishing petroleum prices daily on its website. The step 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 rates. He added that the method is in line with international practice.
Middle East tensions affect energy markets
Global oil prices have remained unstable following renewed hostilities in the Middle East. The government therefore decided to move towards a daily fuel price review mechanism.
The government had earlier shifted to weekly reviews after the Middle East conflict began on February 28. At that time, Israel and the United States attacked Iran, prompting Tehran to close the Strait of Hormuz, a major route for global energy supplies.
Fears grow over energy supplies
Tensions have increased after a fragile June truce between Tehran and Washington broke down. The situation has raised fresh concerns about a wider conflict and possible disruption of energy shipments through the Strait.
Pakistan previously revised petrol and diesel prices every two weeks. The latest policy means fuel prices can now respond more quickly to changes in international markets.
The new system could make fuel pricing more closely connected to global oil movements. However, frequent changes may also make it harder for consumers and businesses to predict their fuel costs.
The latest increase is relatively small, but continued instability in global energy markets could put further pressure on local fuel prices. Much will depend on international oil rates and developments in the Middle East.
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