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Prices Rise Amid Global Oil Market Volatility
The government on Friday increased the price of petrol by Rs3.81 and high-speed diesel (HSD) by Rs3.59 per litre, with the revised rates effective until August 24 .
Under the revised rates, petrol will be available at Rs341.59 per litre, while HSD will be priced at Rs368.29 per litre. The new rates will remain in effect until the next notification.
Daily Pricing Mechanism Continues
The Oil and Gas Regulatory Authority (OGRA) has been publishing daily petroleum prices on its website to improve transparency and allow international price changes to be passed on to consumers more quickly . Petroleum Minister Ali Pervaiz Malik said the daily prices are based on a seven-day average of international market prices, in line with international practice .
The latest price increases come amid a sharp rally in global crude oil prices, with Brent crude rising above $83 per barrel, driven by concerns that escalating tensions in the Middle East could disrupt supply from the region . The government charges Rs114 per litre in taxes on petrol and Rs100 per litre in taxes and duties on HSD, with the new rates reflecting a direct pass-through of international price changes .
Weekly Averages and Pricing Formula
Under the daily pricing framework, fuel prices are determined using the average of international market prices recorded over the previous seven days . OGRA is authorised to announce daily prices without requiring prior approval from the prime minister or the federal government, while prices notified on Fridays remain unchanged on Saturdays and Sundays .
