By Ali Imran
ISLAMABAD: The government on Friday raised the prices of petrol and high-speed diesel (HSD) by Rs3.81 and Rs3.59 per litre, respectively, amid rising international oil prices and continued uncertainty over global supplies.
Under the revised rates, petrol will cost Rs341.59 per litre, while HSD will be priced at Rs368.29 per litre.
The price of kerosene oil was also increased by Rs2.65 per litre, according to a notification issued by the Oil and Gas Regulatory Authority (Ogra) on Saturday, taking its price to Rs303.50 per litre.
The revised fuel prices will remain in effect until August 24, according to the notification.
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.
