The federal government has announced another reduction in petroleum prices, lowering the rates of both petrol and high-speed diesel (HSD) under Pakistan’s daily fuel pricing mechanism.
According to a notification issued by the Oil and Gas Regulatory Authority (OGRA) after receiving federal government approval, the latest revision reduces petrol prices by Rs4.08 per litre and HSD prices by Rs2.45 per litre.
The revised prices will come into effect from midnight on August 4, providing fresh relief to consumers following another recent adjustment.
Petrol and Diesel Prices Revised
Under the latest notification, the price of petrol has been reduced by Rs4.08 per litre. As a result, the new ex-depot price of petrol has been fixed at Rs331.95 per litre.
Meanwhile, the price of high-speed diesel has been cut by Rs2.45 per litre. Consequently, the new ex-depot price of HSD now stands at Rs389.93 per litre.
The revised rates will officially take effect from midnight on August 4.
Second Fuel Price Reduction in Recent Days
The latest revision follows another reduction announced on Friday. During that adjustment, petrol prices were lowered by 12 paisa per litre, while high-speed diesel prices were reduced by 66 paisa per litre.
The government continues to revise petroleum prices under the daily pricing mechanism introduced earlier this year.
How Pakistan’s Daily Petroleum Pricing System Works
Pakistan replaced its weekly petroleum pricing model with a daily adjustment mechanism earlier this year.
Under the new system, the Oil and Gas Regulatory Authority (OGRA) determines ex-depot petroleum prices using a rolling seven-day average of international oil prices along with other relevant cost factors.
The revised mechanism aims to make domestic fuel prices more responsive to movements in international energy markets.
Earlier, Petroleum Minister Ali Pervaiz Malik said, “the new system enables domestic fuel prices to reflect changes in global markets more quickly while improving transparency in petroleum pricing.”
Global Oil Prices Declined Sharply
The latest reduction in domestic fuel prices comes after international crude oil markets recorded significant losses on Monday.
Global oil prices fell sharply after US President Donald Trump decided not to proceed with a fresh attack on Iran. The development raised expectations of renewed diplomatic efforts that could increase oil supplies from the Gulf region.
As a result, Brent crude declined by $4.19, or 4.8 percent, to $83.74 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude fell by $4.92, or 5.8 percent, reaching $79.75 per barrel.
The decline pushed global oil prices to their lowest level in nearly three weeks.
Consumers Receive Fresh Relief
The latest fuel price adjustment provides another reduction for consumers under Pakistan’s daily petroleum pricing mechanism.
Meanwhile, the government continues to monitor international oil markets, where prices remain sensitive to geopolitical developments and changes in global supply expectations.
Future domestic petroleum prices will continue to be determined under the daily mechanism based on movements in international crude oil prices and other applicable cost components.
