ISLAMABAD, July 18 (APP): The federal government on Friday increased the prices of petrol and high-speed diesel (HSD) for the next two days under the newly introduced daily fuel pricing mechanism.
According to a notification, the price of petrol has been increased by Rs5.44 per litre, taking the new rate to Rs316.15 per litre, while the price of high-speed diesel has risen by Rs31.05 per litre to Rs354.35 per litre.
The revised prices came into effect on July 18 and will remain applicable until July 20, according to the notification.
The increase follows the government’s decision to introduce a daily petroleum pricing system, replacing the previous fortnightly mechanism.
Under the new policy, the Oil and Gas Regulatory Authority (OGRA) will determine petrol and diesel prices on a daily basis using the average international oil prices of the preceding seven days. The authority will issue updated fuel prices directly through official notifications without requiring fresh approval from the federal government.
Announcing the new mechanism earlier, Petroleum Minister Ali Pervaiz Malik said the initiative is aimed at making fuel pricing more transparent and closely aligned with fluctuations in global oil markets.
He said the daily pricing system would enable consumers to better understand how petroleum prices are calculated while ensuring timely adjustments in line with international market trends.
The minister said the government is gradually moving towards deregulation of petroleum products as part of broader energy sector reforms.
Rejecting concerns that the new pricing formula would place an additional burden on consumers, he said the revised mechanism is intended to improve transparency and efficiency in the petroleum sector.
Ali Pervaiz Malik also warned against overcharging at petrol pumps, saying Prime Minister Shehbaz Sharif has directed authorities to take strict action against fuel stations charging above the officially notified rates.
He assured consumers that Pakistan currently has sufficient petroleum reserves, with stocks adequate to meet domestic demand for approximately one-and-a-half to two months.
The latest increase comes amid continued volatility in international crude oil markets, with global energy prices remaining under pressure due to geopolitical tensions in the Middle East.
Businesses and transporters are expected to closely monitor future daily price adjustments as the new mechanism takes effect across the country.
