ISLAMABAD: The federal government has kept petrol and high-speed diesel prices unchanged for August 11.
The Ministry of Petroleum announced the decision on Monday. It cited the non-publication of Platts prices on August 10 as the reason for retaining existing rates.
Petrol will continue selling at Rs327.62 per litre. Meanwhile, high-speed diesel will remain priced at Rs380.86 per litre.
The government had fixed these rates for August 8 to 10. Therefore, consumers will pay the same prices on August 11.
Pakistan Introduces Daily Fuel Price Reviews
The government introduced a daily petroleum price review mechanism on July 17. The move followed increased volatility in global oil markets amid renewed Middle East tensions.
Under the new system, authorities calculate fuel prices using a seven-day average of international market rates.
However, global developments continue to create uncertainty for Pakistan’s fuel costs. Oil prices climbed more than four percent on Monday as tensions between Iran and the United States increased.
Brent crude rose $3.57, or 4.3 percent, to $87.13 per barrel. Meanwhile, US West Texas Intermediate gained $3.36, or 4.3 percent, to $81.51.
Analysts attributed the increase to concerns over delayed US-Iran negotiations and attacks affecting Russian energy infrastructure.
Pakistan relies heavily on imported petroleum products. Consequently, higher international oil prices can increase the import bill, pressure foreign exchange reserves and fuel inflation.
Global disruptions around the Strait of Hormuz and Red Sea also pose risks to future domestic fuel prices.
