The federal government on Thursday increased the prices of petrol and high-speed diesel (HSD) for August 21 as daily adjustments continue amid volatility in international oil markets.
According to a notification issued by the Petroleum Division, the price of petrol has been increased by 27 paisas to Rs337.78 per litre, while HSD has risen by Rs1.64 to Rs364.70 per litre.
The latest adjustment follows Wednesday’s revision, when the government cut the price of diesel by Rs32.63 per litre while raising petrol by Rs2.97 for August 20.
Pakistan shifted to a daily fuel pricing mechanism last month, replacing the previous weekly system as the US-Iran conflict caused sharp fluctuations in global oil prices and heightened concerns over energy supplies.
Despite day-to-day reductions on some occasions, fuel prices have risen considerably since the new mechanism was introduced. Diesel has increased by around Rs72 per litre, while petrol has climbed by at least Rs24 per litre during the period.
Petroleum Minister Ali Pervez Malik said on August 19 that domestic refineries had agreed to the government’s request for a substantial reduction in diesel prices. He said the Oil and Gas Regulatory Authority (Ogra) would calculate a cut of approximately Rs30 to Rs32 per litre, which was subsequently reflected in the August 20 adjustment.