Govt hikes petrol price by Rs5.77, high-speed diesel by Rs6.47

Pakistan's government has raised fuel prices, with petrol now costing Rs331.20 per litre and high-speed diesel (HSD) Rs390.42 per litre. The hike, effective August 18, adds Rs5.77 to petrol and Rs6.47 to HSD.

This adjustment follows a recent announcement by Petroleum Minister Ali Pervaiz Malik stating that fuel prices will be fixed daily. This shift from weekly revisions is attributed to fluctuations in international market prices, particularly following renewed hostilities between Iran and the US. The government had previously implemented weekly price changes and conservation measures amid concerns over potential oil supply disruptions in the Middle East.

The decision to move to daily pricing, which grants the Oil and Gas Regulatory Authority (Ogra) the responsibility of setting prices based on global trends, has been met with resistance. The All Pakistan Dealers Association has rejected the new system and is considering protest actions. The price of HSD had previously peaked at Rs520.35 in April, while petrol reached Rs458.41, both significantly higher than their current revised rates.

Petrol and HSD are crucial commodities, impacting various sectors of the economy and the daily lives of citizens. Petrol is primarily used for private transportation, affecting middle and lower-middle-class households, while diesel powers the heavy transport sector, power plants, and large generators. The significant sales volumes of these fuels also make them major revenue sources for the government.

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fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US.