Pakistan increases petrol and diesel prices

The Pakistani government announced on Tuesday an increase in fuel prices, raising the cost of petrol by Rs1.12 per liter and high-speed diesel (HSD) by Rs1.11 per liter. Following this revision, petrol will be sold at Rs343.10 per liter, while HSD will cost Rs371.80 per liter.

Despite the price adjustments, the government continues to impose substantial taxes and duties on fuels, amounting to Rs114 per liter on petrol and Rs100 per liter on diesel. These new prices are effective for August 26 and 27, as per a notification from the Petroleum Division.

The price of HSD had previously peaked at Rs520.35 on April 3, having started its ascent 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 beginning an upward trend from Rs266 in early March.

Petroleum Minister Ali Pervaiz Malik stated that fuel prices will now be determined on a daily basis to account for fluctuations in international market prices, particularly in light of renewed hostilities between Iran and the United States. The government had been implementing weekly revisions since early March, alongside fuel conservation measures amid concerns over potential oil supply disruptions in the Middle East. In April, the government also introduced targeted relief measures for subsidized fuel.

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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.