Pakistan Adjusts Fuel Prices: Petrol Down Re1, Diesel Up Rs3.37 Amid Global Volatility

Pakistan's government announced a reduction in petrol prices by Re1 per liter while increasing the price of high-speed diesel (HSD) by Rs3.37 per liter. These adjustments, effective July 28, are attributed to volatile global oil prices influenced by recent escalations in the Persian Gulf.

Following the revision, petrol will now cost Rs334.18 per liter, and HSD will be priced at Rs386.83 per liter. The government continues to levy significant taxes, charging Rs110 per liter on petrol and Rs96 on diesel. The Petroleum Division's notification confirmed the new rates.

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 prices reached a high of Rs458.41 on April 3, after starting at Rs266 in early March. These fluctuations have prompted the government to consider daily price adjustments.

Petroleum Minister Ali Pervaiz Malik stated that fuel prices might be fixed daily due to international market volatility. The government had been implementing weekly revisions since March, alongside fuel conservation measures amid potential oil supply disruptions. The All Pakistan Dealers Association has rejected the daily pricing decision and is considering protest plans.