Govt increases petrol price by Rs5.44, diesel by Rs31.05 per litre

The Pakistani government announced a significant increase in fuel prices, raising the cost of petrol by Rs5.44 per liter and high-speed diesel (HSD) by Rs31.05 per liter. The new prices, effective from Saturday, July 18, set petrol at Rs316.15 per liter and HSD at Rs354.35 per liter.

Petroleum Minister Ali Pervaiz Malik stated that fuel prices will now be adjusted on a daily basis. This shift from weekly revisions, which had been in place since March, is attributed to the volatility of international market prices, particularly in light of renewed hostilities between Iran and the US. The government had previously implemented measures for fuel conservation amid concerns over oil supply disruptions due to the conflict in the Middle East.

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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.

The minister also mentioned that the Oil and Gas Regulatory Authority (Ogra) will be responsible for determining daily fuel prices based on international trends. Ogra will not only publish the rates but also the factors influencing them. Petrol and HSD are crucial revenue generators, with substantial monthly sales, and changes in their prices significantly impact various sectors, including private transport, heavy transport, power generation, and the general public, especially the middle and lower-middle classes.

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not just publish the fuel rates on its website that are used to determine prices, but also publish the factors leading to the price that we see at each petrol pump