By Ali Imran
ISLAMABAD: The federal government on Monday increased the petrol price by Rs5.77 per litre and high-speed diesel (HSD) by Rs6.47 per litre for the next 24 hours.
Under the revised rates, petrol will be available at Rs331.2 per litre, while HSD will be priced at Rs390.45 per litre.
The new prices will remain effective for August 18, read the notification.
The Oil and Gas Regulatory Authority has begun publishing daily petroleum prices on its website to improve transparency and allow international price changes 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.
