The government on Friday reduced petrol and high-speed diesel prices by Rs. 0.58 and Rs. 0.17 per litre.
Following the latest adjustment, petrol will now cost Rs. 342.02 per litre. Meanwhile, high-speed diesel (HSD) will sell at Rs. 371.44 per litre.
According to an official notification, the revised petroleum prices will remain effective until August 31. The government made the adjustment amid continued volatility in international oil markets.
Government Adopts Daily Fuel Price Reviews
Meanwhile, the Oil and Gas Regulatory Authority (Ogra) has started publishing daily petroleum prices online. The move aims to improve transparency and help consumers track changes in global oil prices.
Petroleum Minister Ali Pervaiz Malik said authorities calculate daily prices using a seven-day average. He added that the mechanism follows international practices for fuel price adjustments.
The government adopted the daily review system after global oil markets faced increased uncertainty. Renewed Middle East hostilities have also raised concerns about energy supplies and international crude prices.
Middle East Tensions Impact Global Oil Markets
Previously, the government reviewed petroleum prices every week after the Middle East conflict began. Israel and the United States attacked Iran on February 28, prompting Tehran to close the Strait of Hormuz.
The strategic waterway serves as a major route for global energy shipments. Before the conflict, around one-fifth of global energy supplies passed through the strait.
However, tensions increased after a fragile June truce between Tehran and Washington collapsed. Consequently, renewed fears of a wider conflict have threatened energy flows and contributed to market volatility.
Previously, authorities revised petrol and diesel prices every two weeks. The new mechanism allows the government to respond faster to international market movements.
