The government has increased petrol and high-speed diesel (HSD) prices by Rs 3.40 and Rs 6.72 per litre, respectively. The decision follows fluctuations in international oil markets and will take effect from September 10.
Following the latest adjustment, petrol will cost Rs 367.75 per litre. Meanwhile, the new price of high-speed diesel has reached Rs 392.67 per litre.
The Petroleum Division announced the revised prices through an official notification. The government introduced the latest adjustment as global oil markets continue to face uncertainty.
Government Introduces Daily Price Reviews
The Oil and Gas Regulatory Authority (Ogra) has started publishing daily petroleum prices on its website. The move aims to improve transparency and allow international oil price changes to reach consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily prices rely on a seven-day average of international market prices. He added that the approach follows international practices.
The government adopted the daily review mechanism amid renewed volatility in global oil markets. Rising tensions in the Middle East have also increased concerns about energy supplies.
Middle East Tensions Affect Fuel Prices
The government previously shifted to weekly fuel price reviews after the Middle East conflict began on February 28. The conflict followed Israeli and US attacks on Iran, after which Tehran shut the Strait of Hormuz.
The strait previously carried around one-fifth of global energy supplies. Since a fragile June truce between Tehran and Washington collapsed, tensions have increased and raised concerns about disruptions to energy flows.
Previously, authorities revised petroleum prices every two weeks. The new daily mechanism aims to respond more quickly to changes in international oil prices.
