Shafaqna Pakistan: The federal government on Tuesday increased the prices of petrol and high-speed diesel (HSD) by Rs4.93 and Rs7.15 per litre, respectively, under its daily fuel pricing mechanism.
According to a notification issued by the Ministry of Petroleum, the price of petrol has been raised to Rs320.73 per litre, while HSD will now cost Rs367.21 per litre.
The revised rates come amid continued volatility in global oil markets driven by renewed tensions in the Middle East. The government adopted the daily fuel price review mechanism on Friday, with prices now based on a seven-day average of international market rates.
A day earlier, the government had increased the price of HSD by Rs5.71 per litre while reducing the price of petrol by 35 paisas per litre for a single day.
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
