Petrol price reaches Rs341.59 as diesel climbs to Rs368.29 per litre
The revised rates will remain effective for the next 24 hours. Petrol will now cost Rs341.59 per litre, while high-speed diesel will be sold at Rs368.29 per litre. The new rates will remain in effect for August 22, according to the official notification.
Daily fuel price system begins
The Oil and Gas Regulatory Authority has started publishing daily petroleum prices on its website. The new system aims to improve transparency and allow changes in international oil prices to reach consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily rates will be calculated using a seven-day average of international market prices. He said the approach is in line with international pricing practices.
Middle East tensions drive volatility
The government moved to daily fuel reviews amid continuing volatility in global oil prices. Renewed tensions in the Middle East have raised concerns about energy supplies and international oil markets.
A weekly fuel price review had earlier been introduced after the conflict began on February 28. Israel and the United States attacked Iran during the conflict, after which Tehran closed the Strait of Hormuz, a key route for global energy supplies.
New framework gives Ogra more authority
An official document seen by Geo News outlined the federal cabinet-approved petroleum pricing framework. Under the system, Ogra will announce daily ex-depot prices for petrol and high-speed diesel.
Prices will be based on international market rates recorded during the previous seven days. Ogra will be able to announce the daily rates without seeking prior approval from the prime minister or federal government.
Friday prices to remain unchanged over weekend
The framework states that prices announced on Friday will remain unchanged on Saturday and Sunday. Ogra will also publish daily Platts reference prices under the new system from July 1, 2026.
The petroleum levy cannot exceed the limit approved by the federal cabinet. Any change in the levy rate will require approval from the Finance Division.
The new system means fuel prices can respond more quickly to changes in international oil markets. This could bring frequent price movements for consumers.
The government says the system will improve transparency and reflect global trends more closely. However, continued Middle East tensions could keep petrol and diesel prices under pressure.
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