Pakistan lifts petrol and diesel prices for July 18‑20 amid rising oil costs

ISLAMABAD – The Pakistani government raised petrol and diesel prices by Rs5.44 and Rs31.05 per litre respectively for the next three days, until 20 July, the energy ministry announced late Friday, citing rising global oil prices.

Global oil prices climbed above $86 a barrel on Friday, near a one‑month high, after traffic through the Strait of Hormuz fell to a three‑week low amid renewed hostilities between the United States and Iran.

The latest adjustment sets the retail price of petrol at Rs316.15 per litre and diesel at Rs354.35 per litre, a move that transfers higher import costs and global price pressures to consumers.

“The Government of Pakistan has revised the ex‑depot prices of the petroleum products for 18th July, 2026 till 20th July, 2026,” the energy ministry said in a notification.

Pakistan traditionally revises fuel prices every fortnight, but after fighting between the US and Iran erupted in late February, it shifted to weekly adjustments to cope with heightened volatility in international energy markets.

Petroleum Minister Ali Pervaiz Malik said earlier on Friday that regulators will start setting fuel prices on a daily basis as continuing US‑Iran tensions push global oil costs higher.

The government has transferred price‑setting authority to the country’s oil regulator as part of a broader effort to increase transparency and deregulate the sector, the minister added.

The Oil and Gas Regulatory Authority will publish international benchmark prices and the methodology used to calculate retail fuel prices, improving market transparency.

“People should know why it is necessary to increase prices,” Malik continued, noting that publishing the pricing formula will help consumers understand how domestic fuel costs are derived.

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