The Petroleum Division issued a notification confirming that the price of high-speed diesel has been increased by Rs. 31.05 per liter, taking the new retail price to Rs. 354.35 per liter.
Petrol prices have also been raised by Rs. 5.44 per liter, bringing the new rate to Rs. 316.15 per liter.
The latest revision marks the beginning of Pakistan’s new daily fuel pricing system, replacing the previous periodic adjustment mechanism.
Speaking at a press conference alongside Information Minister Atta Tarar, Federal Minister for Petroleum Ali Pervaiz Malik said the increase was necessitated by rising international crude oil prices, which have climbed again due to escalating tensions in the region.
He noted that the surge in global oil prices has triggered higher energy costs worldwide, making price adjustments unavoidable.
The petroleum minister further announced that the government is moving toward the deregulation of petroleum products. Under the new policy approved by Prime Minister Shehbaz Sharif and the federal cabinet, the Oil and Gas Regulatory Authority (OGRA) will determine petroleum prices on a daily basis and publish the updated rates on its official website.
The government says the new mechanism is intended to ensure that domestic fuel prices reflect changes in international oil markets more quickly and transparently.