Shafaqna Pakistan: The federal government has raised the prices of petrol and high-speed diesel (HSD) by Rs3.34 and Rs5.27 per litre, respectively, under the newly introduced daily fuel pricing mechanism.
With the latest increase, petrol will now be sold at Rs334.54 per litre, while the price of HSD has climbed to Rs395.69 per litre. According to an official notification, the revised rates will remain in effect on August 19.
The government has also increased the price of kerosene oil by Rs4.22 per litre, bringing its new price to Rs300.85 per litre.
The Oil and Gas Regulatory Authority (OGRA) has begun releasing petroleum prices on a daily basis as part of measures aimed at enhancing transparency and allowing fluctuations in global oil prices to be reflected more promptly in domestic fuel rates.
Petroleum Minister Ali Pervaiz Malik said the daily prices are calculated using a seven-day average of international market prices, in line with international practices.
The move comes amid continued volatility in global oil markets following renewed tensions in the Middle East. The government shifted from fortnightly to weekly fuel price reviews after the conflict in the region began on February 28, when Israel and the United States launched attacks on Iran, prompting Tehran to shut the Strait of Hormuz, a key route for around one-fifth of global energy supplies before the war.
Tensions have intensified since a fragile truce between Tehran and Washington collapsed in June, raising concerns over a wider conflict and potential disruptions to energy supplies through the strategic waterway.
Source: Dunya News
