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Third Consecutive Daily Price Cut Announced
The Oil and Gas Regulatory Authority (Ogra) has announced another reduction in fuel prices, cutting petrol by Rs3.19 per litre and high-speed diesel by Rs1.50 per litre effective August 7, marking the third consecutive daily decline.
New Fuel Rates (Effective August 7)
| Product | Old Rate | New Rate | Change |
|---|---|---|---|
| Petrol | Rs333.01 | Rs329.82 | -Rs3.19 |
| High-Speed Diesel | Rs383.86 | Rs382.36 | -Rs1.50 |
How the Daily Pricing Mechanism Works
Ogra updates petroleum product prices daily on its website to ensure transparency and allow the immediate impact of international price fluctuations to be passed on to consumers . The daily pricing is based on a seven-day weekly average of international market prices to align with international standards, according to Petroleum Minister Ali Pervaiz Malik.
Under the new framework, the regulator is authorised to announce daily prices without requiring prior approval from the prime minister or the federal government. Prices notified on Fridays remain unchanged on Saturdays and Sundays.
Background: Shift to Daily Pricing
Amid volatility in global oil rates on the back of renewed hostilities in the Middle East, the government switched to a daily fuel price review mechanism. The government had introduced a weekly system after the conflict began on February 28, when Israel and the United States attacked Iran, leading Tehran to shut the Strait of Hormuz—the main route for around a fifth of global energy supplies.
Tensions have mounted since a fragile June truce between Tehran and Washington collapsed, reviving fears of full-scale war and disrupting energy flows through the strait. Previously, petroleum rates were revised fortnightly.
Additional Import Conditions
The document also outlines revised fuel import arrangements for fiscal year 2026-27. Imports of high-speed diesel will be routed exclusively through Pakistan State Oil (PSO) , while oil marketing companies will be allowed to import petrol in line with their market shares.
