Govt decreases petrol by Re1, raises diesel by Rs3.37

The government on Monday decreased the price of petrol by Re1 while increasing high-speed diesel (HSD) by Rs3.37 per litre, passing on the impact of fluctuating global oil prices amid renewed hostilities in the Persian Gulf .

Following the changes, the price of petrol now stands at Rs334.18 per litre, while HSD is priced at Rs386.83 per litre . The government is currently charging a total of Rs110 per litre in taxes and duties on petrol and Rs96 on diesel, according to official notifications . The new prices took effect on July 28 (Tuesday) .

The diesel price had previously peaked at Rs520.35 on April 3 after beginning its upward trajectory from Rs266 in the first week of March .

Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US . The government had been announcing weekly revisions since early March, alongside conservation measures amid possible oil supply disruptions due to the ongoing conflict in the Middle East . In April, the federal government also announced targeted relief measures to provide subsidised fuel .

The petroleum minister stated that the cabinet and prime minister had decided to give the Oil and Gas Regulatory Authority (OGRA) the responsibility of deciding fuel prices daily based on international market trends .

The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan this week .