The federal government has announced another reduction in the petrol price in Pakistan, lowering petrol by Rs4.08 per litre and high-speed diesel by Rs2.45 per litre under its newly introduced daily fuel pricing mechanism. The revised prices came into effect after midnight following the issuance of an official notification by the Oil and Gas Regulatory Authority (OGRA).

Petrol and diesel prices revised under daily fuel pricing policy

According to the latest notification, the new petrol price in Pakistan has been fixed at Rs331.95 per litre, down from the previous rate after a reduction of Rs4.08 per litre.

Similarly, the price of high-speed diesel has been reduced by Rs2.45 per litre, bringing the new rate to Rs389.93 per litre.

The revised prices became effective after 12:00am, immediately providing relief to motorists, transport operators, and businesses that depend heavily on petroleum products.

Unlike the previous pricing mechanism, under which fuel prices were reviewed every 15 days, Pakistan now follows a daily fuel pricing system. The policy was introduced after volatility in international oil markets increased during the conflict involving the United States and Iran.

Under the new mechanism, OGRA determines fuel prices daily after reviewing global crude oil prices, import costs, exchange rate fluctuations, petroleum levy, and applicable taxes before publishing updated rates.

Petrol price in Pakistan has changed almost daily in recent weeks

The latest reduction follows a series of frequent changes in fuel prices over the past several weeks.

On July 17, Petroleum Minister Ali Pervaiz Malik announced that Pakistan would shift from fortnightly fuel price reviews to a daily pricing mechanism. Later the same day, the government increased petrol by Rs5.44 per litre and high-speed diesel by Rs31.05 per litre, marking one of the biggest diesel hikes in recent months.

On July 20, consumers received slight relief when petrol was reduced by Rs0.35 per litre, although diesel increased by Rs5.71 per litre.

The following day, July 21, petrol prices rose by Rs4.93 per litre, while diesel increased by Rs7.15 per litre. Another major increase followed on July 22, when petrol became Rs6.39 per litre more expensive and diesel climbed by Rs7.83 per litre.

Fuel prices continued to fluctuate on July 23 and July 24, with additional increases in both petrol and diesel. On July 25, however, the government kept fuel prices unchanged.

A minor reduction in petrol was announced on July 27, while diesel prices increased. Another upward revision followed on July 28, with both fuels becoming more expensive.

On July 29, petrol prices were reduced slightly, but diesel continued to rise. The trend reversed again on July 30, when both petrol and diesel prices increased once more.

A small reduction was announced on July 31, before the latest relief package lowered petrol by Rs4.08 per litre and diesel by Rs2.45 per litre.

The government says the daily pricing policy allows domestic fuel prices to reflect international oil market movements more quickly. While the latest reduction offers temporary relief for consumers, future fuel prices will continue to depend on global crude oil trends, exchange rate movements, import costs, and OGRA's daily assessments.

With petrol and diesel prices now changing more frequently than before, consumers and businesses are expected to monitor official OGRA notifications regularly to stay updated on the latest fuel rates.