Govt raises petrol price by Rs4.45, cuts HSD by Rs2

The Pakistani government announced on Wednesday a price adjustment for petroleum products, raising the cost of petrol by Rs4.45 per liter while reducing the price of high-speed diesel (HSD) by Rs2 per liter. Following this revision, petrol will be sold at Rs333.01 per liter, and HSD at Rs383.86 per liter.

Despite the price changes, the government continues to levy Rs110 per liter in taxes and duties on petrol and Rs96 per liter on diesel. The Petroleum Division indicated that these new prices would take effect on August 6. The price of diesel had previously peaked at Rs520.35 on April 3, having started its rise from Rs281 per liter after the US-Iran conflict began on February 28. Similarly, petrol reached a high of Rs458.41 on April 3, after starting its increase from Rs266 in early March.

Petroleum Minister Ali Pervaiz Malik stated that fuel prices would now be set daily to reflect international market volatility, particularly following renewed hostilities between Iran and the U.S. This shift from weekly revisions, implemented in March amid concerns of oil supply disruptions, aims to align prices with global trends. The Oil and Gas Regulatory Authority (Ogra) has been tasked with this daily pricing decision. However, the All Pakistan Dealers Association has rejected the daily pricing mechanism and is considering protest actions. Changes in petrol and diesel prices significantly impact the general public, affecting private transport, commercial vehicles, and the cost of goods.

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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.