Petrol will cost Rs 320.73 per litre, while high-speed diesel has been pegged at Rs 367.21.
A petrol pump in the federal capital seen in this undated image. —FILEPHOTO
The federal government on Tuesday increased the prices of petrol and high speed diesel (HSD) by Rs 4.93 and Rs 7.15 per litre, respectively, for July 22.
According to a notification issued by the Petroleum Ministry, the price of petrol has been fixed at Rs 320.73 per liter, while HSD will now cost Rs 367.21 per litre.
In a context of volatility in global oil prices due to the resumption of hostilities in the Middle East, the government decided on Friday to move to a daily fuel price review mechanism. The daily price is based on a seven-day weekly average of international market prices to align with international standards.
Read: Government shifts to daily POL pricing amid global headwinds
The government on Monday increased the price of high-speed diesel (HSD) by Rs 5.71 per liter while reducing the price of petrol by 35 paisa per liter for a day.
The Oil and Gas Regulatory Authority will update petroleum product prices on its website daily to ensure transparency and allow the immediate impact of international price fluctuations to be passed on to consumers.
Officials said international oil prices rose again following renewed conflict between Iran and the United States and concerns over the closure of the Strait of Hormuz, threatening global oil supplies, including those to Pakistan.
Domestic fuel prices initially fell following the Iran-US peace deal, but began to rise again after hostilities resumed.
The renewed conflict has also raised concerns about possible fuel shortages in the country.
High-speed diesel is widely used in the transportation and agricultural sectors, while gasoline is mainly consumed by motorcycles and cars. Officials said demand for petrol had increased following restrictions on the use of local gas in Punjab.
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More to follow.
