By Ali Imran
The federal government on Tuesday slashed petrol price by Rs1.70 per litre, while increasing high-speed diesel (HSD) price by Rs1.39 per litre, the Petroleum Division said.
Following the revision, petrol will retail at Rs325.92 per litre, while HSD will cost Rs382.25 per litre. The prices will remain in effect for August 12.
Meanwhile, the Oil and Gas Regulatory Authority (Ogra) has increased the levy on diesel by Rs2 to Rs76.28 per litre. The levy on petrol, however, remained unchanged at Rs80 per litre, the statement said, adding that the levy on kerosene also stayed at Rs20.36 per litre.
The Oil and Gas Regulatory Authority (Ogra) 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.
Fuel rates under daily price mechanism:
| Effective date | Products | Old rates | New rates | Changes in prices Rs/litre |
| August 12 | Petrol | 327.62 | 325.92 | -1.70 |
| August 11 | High-speed diesel | 380.86 | 382.25 | +1.39 |
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.
