Petrol and diesel prices see smaller cut amid oil market volatility
The new rates will bring petrol to Rs342.60 and diesel to Rs371.61 per litre.
New fuel rates announced
According to the government notification, the revised prices will apply on August 28. The small reduction comes as international oil prices continue to move up and down.
The government has also moved towards more frequent reviews of petroleum prices. The aim is to reflect changes in international oil prices more quickly.
Daily price review introduced
The Oil and Gas Regulatory Authority (Ogra) has started publishing daily petroleum prices on its website. Petroleum Minister Ali Pervaiz Malik said the daily rates are calculated using a seven-day average of international prices.
The change comes amid renewed uncertainty in global oil markets following tensions in the Middle East. Authorities said the new system will help pass international price changes to consumers more quickly.
Why fuel prices are changing
Pakistan had previously reviewed petroleum prices every two weeks and later moved to a weekly system after the Middle East conflict affected energy markets. The Strait of Hormuz is particularly important because it is a major route for global energy supplies.
Recent tensions have again raised concerns about possible disruptions to energy flows through the strait. These international developments can directly affect fuel prices in Pakistan.
The latest cuts are small, so their immediate impact on household budgets may be limited. However, the move to more frequent price reviews could mean fuel prices change more quickly when global oil rates rise or fall.
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