The government has announced an increase in Pakistan Petroleum Prices, with the revised rates taking effect for a three-day period. According to the Petroleum Division, the price hike reflects the recent increase in global crude oil prices amid rising regional tensions.
Under the latest notification, the price of high-speed diesel has been increased by Rs. 31.05 per liter, bringing the new price to Rs. 354.35 per liter.
The price of petrol has also been raised by Rs. 5.44 per liter, setting the new retail price at Rs. 316.15 per liter. The revised prices came into effect from 12:00 a.m. on July 18 and will remain applicable until July 20.
Speaking at a press conference alongside Information Minister Atta Tarar, Federal Petroleum Minister Ali Pervaiz Malik said the increase was driven by higher global crude oil prices resulting from ongoing regional tensions. He noted that energy prices have been rising internationally as a result.
The minister also announced that the government is moving toward the deregulation of fuel pricing. Under a decision approved by the prime minister and the federal cabinet, the Oil and Gas Regulatory Authority (OGRA) will now determine Pakistan Petroleum Prices on a daily basis and publish the updated rates on its official website.