Pakistan Announces Daily Fuel Price Revision: Petrol Reduced by Rs1, Diesel Increased by Rs3.37 per Litre
Islamabad: The government has announced a revision in petroleum product prices under its newly introduced daily pricing mechanism, reducing the price of petrol by Rs1 per litre while increasing the price of high-speed diesel (HSD) by Rs3.37 per litre.
According to a notification issued by the Petroleum Division, the price of petrol has been reduced to Rs334.18 per litre, while the price of high-speed diesel has been increased to Rs386.83 per litre.
The revised prices took effect from 12:00 a.m. on July 28 and will remain valid for the next 24 hours.
Following the increase in diesel prices, reports indicate that the prices of several essential commodities, including flour, cooking oil, pulses, vegetables, sugar, milk, and other food items, have also risen, adding to the financial burden on consumers.
The government has recently approved a new system for determining petroleum prices on a daily basis. Under the new policy, the Oil and Gas Regulatory Authority (OGRA) will announce the ex-depot prices of petrol and diesel every day based on the average international market prices over the previous seven business days.
Under the revised mechanism, OGRA will issue daily fuel prices without requiring prior approval from the Prime Minister or the federal government, with prices reflecting fluctuations in the global oil market.
