The government announced a recent hike in fuel prices, with petrol and high-speed diesel (HSD) rates increasing by Rs4.40 and Rs3.62 per litre respectively. This adjustment reflects the impact of volatile global oil markets exacerbated by ongoing tensions in the Persian Gulf region.
As a result of these changes, petrol is now priced at Rs331.52 per litre, while HSD remains at Rs378.66 per litre.
The Petroleum Division issued an official notification stating these new rates will take effect starting July 24 (Friday).
These price adjustments mark a decline from recent peaks—diesel had reached a high of Rs520.35 per litre on April 3, following a steady rise from Rs281 after the US-Iran conflict began on February 28. Similarly, petrol hit Rs458.41 on April 3 after beginning its upward trend from Rs266 in early March.
Previously, Petroleum Minister Ali Pervaiz Malik declared that fuel pricing would now be updated daily to account for international market fluctuations caused by renewed Iran-US hostilities.
The government had previously implemented weekly price revisions since March, alongside fuel conservation measures amid potential supply disruptions from Middle East conflicts. Targeted fuel relief measures were also introduced in April.
The Petroleum Minister further announced that the Oil and Gas Regulatory Authority (Ogra) would assume responsibility for daily price determinations based on global market trends.
The All Pakistan Dealers Association opposed this shift, indicating plans to initiate a protest this week against the daily pricing mechanism.
Petrol primarily powers private vehicles, rickshaws, and two-wheelers, meaning its price changes disproportionately affect middle and lower-middle-class households.
Conversely, diesel price fluctuations have broader implications, as it is critical for heavy transport, power generation, and industrial operations.
Petrol and HSD remain major revenue sources, with estimated monthly sales of 700,000–800,000 tonnes, far exceeding kerosene’s 10,000-tonne monthly demand.