Pakistan raises petrol, diesel prices citing global market volatility

Pakistan's government has raised the price of petrol by Rs4.93 and high-speed diesel by Rs7.15 per liter. The new prices, effective July 22, bring petrol to Rs320.73 per liter and diesel to Rs367.21 per liter. Officials attribute the increases to fluctuating global oil prices, exacerbated by renewed regional hostilities in the Persian Gulf.

This adjustment follows a period of significant price swings. Diesel had previously peaked at Rs520.35 per liter on April 3, having started its rise from Rs281 after the US-Iran conflict began on February 28. Similarly, petrol reached a high of Rs458.41 per liter on April 3, after beginning its ascent from Rs266 in early March.

Petroleum Minister Ali Pervaiz Malik stated that fuel prices will now be set on a daily basis. This change aims to manage the impact of international market price fluctuations, a decision that moves away from the previous weekly revisions.

“

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.