The government has increased petrol prices by Rs 0.27 and high-speed diesel prices by Rs 1.64 per litre. The revised rates took effect on August 21 and will remain valid for the day.
Petrol now costs Rs 337.78 per litre, while high-speed diesel costs Rs 364.70 per litre. The government announced the changes through an official notification on Thursday.
Daily Pricing Mechanism Passes Global Changes
The Oil and Gas Regulatory Authority has started publishing daily petroleum prices online. The mechanism aims to improve transparency and quickly reflect international market movements.
Petroleum Minister Ali Pervaiz Malik said officials calculate prices using seven-day international market averages. He added that the approach follows international pricing practices.
Under the latest rates, petrol increased from Rs 337.51 to Rs 337.78 per litre. Meanwhile, high-speed diesel rose from Rs 363.06 to Rs 364.70 per litre.
Middle East Tensions Drive Fuel Price Volatility
The government introduced daily reviews amid renewed volatility in global oil markets. Officials linked the move to continuing tensions and disruptions affecting international energy supplies.
Authorities previously adopted weekly reviews after the Middle East conflict began on February 28. Israel and the United States attacked Iran, prompting Tehran to close the Strait of Hormuz.
The waterway previously carried about one-fifth of global energy supplies before the conflict. Meanwhile, tensions increased after a fragile June truce between Tehran and Washington collapsed.
The renewed instability has raised concerns about wider conflict and disrupted energy flows. Previously, authorities revised petroleum prices every two weeks.
The daily mechanism now allows domestic fuel prices to respond more quickly to international market changes. Consumers will therefore face more frequent adjustments based on global oil price movements.
