Islamabad: The federal government has announced a fresh increase in petroleum prices, raising the rates of both petrol and high-speed diesel under the country’s revised fuel pricing mechanism.
According to a notification issued by the Petroleum Division, the price of high-speed diesel (HSD) has been increased by Rs31.05 per litre, taking its new retail price to Rs354.35 per litre.
The price of petrol has also been raised by Rs5.44 per litre, with the new rate set at Rs316.15 per litre.
The latest revision follows the government’s decision to shift from fortnightly fuel price adjustments to a daily pricing system, under which petroleum prices will be updated in line with movements in the international oil market.
Speaking at a joint press conference with Information Minister Attaullah Tarar, Petroleum Minister Ali Pervaiz Malik said the increase was primarily driven by a sharp rise in global crude oil prices caused by escalating regional tensions.
He noted that international energy markets have experienced another surge, making it necessary to revise domestic fuel prices to reflect global trends.
The minister said the government is moving ahead with the deregulation of the petroleum sector to make the pricing process more transparent and market-based. He added that Prime Minister Shehbaz Sharif and the federal cabinet have authorised the Oil and Gas Regulatory Authority (OGRA) to determine petroleum prices on a daily basis.
Under the new mechanism, OGRA will calculate fuel prices using international market benchmarks and publish the updated rates on its official website every day, allowing consumers to monitor changes in petroleum prices more transparently.
