Petrol reaches Rs367.75 per litre, diesel Rs392.67 after fresh fuel hike
The latest increase comes as global oil markets continue to face uncertainty.
The new petrol price is Rs367.75 per litre, while high-speed diesel will now cost Rs392.67 per litre.
The revised rates will take effect from September 10 following a notification from the Petroleum Division.
Daily fuel price review introduced
The Oil and Gas Regulatory Authority (Ogra) has started publishing petroleum prices on a daily basis through its website.
The move is aimed at improving transparency and allowing changes in global oil prices to reach consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily rates are calculated using a seven-day average of international oil prices.
He said the method is in line with international practices used for fuel pricing.
Middle East tensions affect oil markets
Global oil prices have remained volatile because of renewed tensions and fighting in the Middle East.
The situation has also raised concerns about energy supplies passing through the Strait of Hormuz.
The government had earlier moved to a weekly fuel price review after the conflict began on February 28.
At that time, Israel and the United States attacked Iran, while Tehran closed the Strait of Hormuz, an important route for global energy supplies.
Fuel pricing system changes
Tensions increased after a fragile June truce between Tehran and Washington broke down.
The developments have renewed concerns about a wider conflict and possible disruptions to energy supplies.
Fuel prices were previously reviewed every two weeks before the government introduced the weekly system.
The latest move toward daily reviews is intended to respond more quickly to changes in international oil prices.
The latest increase will put more pressure on people who depend on petrol and diesel for daily travel.
Higher diesel prices could also raise transport and delivery costs, which may affect prices of other goods.
The daily review system could make fuel prices respond faster to changes in the global market.
However, frequent changes may also make household and business budgeting more difficult.
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