The federal government has increased the prices of petroleum products, raising the cost of petrol by Rs6.39 per litre and high-speed diesel (HSD) by Rs7.83 per litre, citing fluctuations in global oil markets triggered by renewed tensions in the Persian Gulf.
According to a notification issued by the Petroleum Division, the revised prices came into effect on Thursday, July 23. Petrol is now priced at Rs327.12 per litre, while HSD will be sold at Rs375.04 per litre across Pakistan.
The latest increase comes as the government officially shifts to a daily fuel pricing mechanism, replacing the weekly revisions introduced earlier this year. Petroleum Minister Ali Pervaiz Malik said the decision was taken by the federal cabinet and Prime Minister Shehbaz Sharif to enable faster adjustments in line with international oil prices.
Under the new system, the Oil and Gas Regulatory Authority (OGRA) will determine fuel prices on a daily basis based on global market trends, particularly amid continued volatility caused by geopolitical tensions in the Middle East.
Despite the latest hike, fuel prices remain significantly lower than their record highs seen in April. Petrol had peaked at Rs458.41 per litre, while diesel reached Rs520.35 per litre, following sharp increases during the US-Iran conflict.
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The announcement also comes hours after the All Pakistan Petroleum Pump Owners Association (APPPOA) postponed its planned nationwide strike for two weeks after successful negotiations with the government. The association had earlier threatened to shut down fuel stations over concerns related to the new pricing mechanism and dealer margins.
The government says daily price adjustments are aimed at ensuring domestic fuel prices accurately reflect international market movements while maintaining uninterrupted fuel supplies.