Shafaqna Pakistan: The federal government on Monday raised the price of high-speed diesel (HSD) by Rs5.71 per litre, while reducing the price of petrol by 35 paisas per litre with effect from July 21.
According to a notification issued by the Ministry of Petroleum, petrol will now cost Rs315.80 per litre, while the price of HSD has been set at Rs360.06 per litre.
The revised prices come under the government’s newly introduced daily fuel pricing mechanism, adopted in response to volatility in global oil markets caused by renewed tensions in the Middle East. The daily review is based on a seven-day average of international oil prices to better align domestic rates with global market trends.
The Oil and Gas Regulatory Authority will update petroleum product prices daily on its website to ensure transparency and allow the immediate impact of international price fluctuations to be passed on to consumers.
Officials said international oil prices had surged again following the renewed conflict between Iran and the United States and concerns over the closure of the Strait of Hormuz, threatening global oil supplies, including those to Pakistan.
Domestic fuel prices had initially declined following the Iran-US peace deal but started rising again after fresh hostilities resumed.
The renewed conflict has also raised concerns over potential fuel shortages in the country.
High-speed diesel is widely used in the transport and agriculture sectors, while petrol is primarily consumed by motorcycles and cars. Officials said petrol demand has increased following restrictions on the use of indigenous gas in Punjab.
Source: Express Tribune
