ISLAMABAD: The federal government on Wednesday reduced petrol prices by 94 paisas while increasing the price of high-speed diesel (HSD) by 54 paisas per litre.
According to the Petroleum Ministry’s notification, petrol will now cost Rs324.98 per litre.
Meanwhile, the price of HSD has increased to Rs382.79 per litre for August 13.
The latest revision follows another daily adjustment announced by the government on August 12.
On Tuesday, authorities reduced petrol prices by Rs1.70 and increased HSD prices by Rs1.39 per litre.
Government continues daily fuel reviews
The government introduced a daily fuel pricing mechanism on July 17 amid volatility in international oil markets.
Under the new system, authorities calculate domestic fuel prices using a seven-day average of international market rates.
Pakistan remains highly exposed to global oil price movements because the country imports most of its petroleum requirements.
Consequently, higher international crude prices increase the import bill and put pressure on foreign exchange reserves.
They can also raise transportation costs and contribute to domestic inflation.
Middle East tensions keep oil markets volatile
Global geopolitical developments continue to influence international petroleum prices.
Conflicts in the Middle East, OPEC+ decisions, sanctions and disruptions along major shipping routes can affect crude supplies.
In particular, instability around the Strait of Hormuz and Red Sea can increase oil prices and freight costs.
Therefore, Pakistan’s daily fuel pricing mechanism allows domestic rates to respond more quickly to international market fluctuations.
