By Ali Imran
ISLAMABAD: The government on Tuesday raised the prices of petrol and high-speed diesel (HSD) by Rs5.58 and Rs4.18 per litre, respectively, in response to fluctuations in global oil markets.
Following the increase, the price of petrol has been set at Rs364.35 per litre, while high-speed diesel will now retail at Rs385.95 per litre. The revised fuel prices, announced through a notification issued by the Petroleum Division, will take effect from September 9.
Ogra has also begun publishing daily petroleum prices on its website to improve transparency and allow changes in international oil prices to be passed on to consumers more quickly.
Petroleum Minister Ali Pervaiz Malik said the daily prices are based on a seven-day average of international market prices, in line with international practice.
Amid volatility in global oil rates on the back of renewed hostilities in the Middle East, the government decided to switch to a daily fuel price review mechanism.
The government had introduced a weekly fuel price review system after the conflict in the Middle East began on February 28, when Israel and the United States attacked Iran, leading Tehran to shut the Strait of Hormuz — the main route before the war for around a fifth of global energy supplies.
Tensions have mounted since a fragile June truce between Tehran and Washington collapsed, reviving fears of full-scale war and disrupting energy flows through the Strait.
Previously, the petroleum rates were revised fortnightly.
