Shafaqna Pakistan: Pakistan has raised the prices of petrol and high-speed diesel in its latest fuel price revision, increasing petrol by Rs5.44 per litre and high-speed diesel by Rs31.50 per litre.
The increase comes amid a surge in international oil prices, with the government also announcing a major change to the country’s petroleum pricing mechanism.
The revised fuel prices took effect immediately, reflecting sustained pressure from global energy markets, where crude oil prices have climbed sharply in recent weeks due to renewed regional tensions.
The federal cabinet has also approved a new pricing framework under which the Oil and Gas Regulatory Authority (OGRA) will determine petroleum prices on a daily basis, replacing the previous periodic review system.
Federal Minister for Petroleum Ali Pervaiz Malik announced the decision during a joint press conference with Federal Minister for Information Atta Tarar. Malik said Prime Minister Shehbaz Sharif and the federal cabinet had agreed that OGRA would now determine petroleum product prices every day in line with developments in international markets.
Under the new mechanism, the regulator will calculate revised fuel prices daily and publish them on its official website, allowing domestic prices to respond more quickly to fluctuations in global oil markets.
The petroleum minister said the government had intentionally reduced its role in fuel price setting, with OGRA assuming greater responsibility for determining prices based on prevailing international market conditions.
He said international energy markets were once again experiencing significant upward pressure because of escalating tensions in the region.
Highlighting the scale of the increase, Malik said the international price of diesel had climbed from $110 per barrel to $140 per barrel, reflecting the sharp rise in global energy costs.
He also acknowledged the public’s patience during recent economic challenges, saying citizens had shown resilience during a difficult period.
With the new policy now approved by the cabinet, OGRA will become responsible for monitoring international market movements, calculating petroleum product prices every day and making the revised rates publicly available through its website, marking one of the most significant changes to Pakistan’s fuel pricing system in recent years.
Source: Dunya News
