Petrol up by Rs5.44, diesel jumps Rs31.05 under daily pricing system

The federal government has increased the prices of petroleum products following the introduction of a new

The federal government has increased the prices of petroleum products following the introduction of a new daily fuel pricing mechanism. The revised rates came into effect from midnight on Friday and will remain valid until Monday, July 20.

According to an official notification issued by the Petroleum Division, the price of petrol has been increased by Rs5.44 per litre, taking the new rate to Rs316.15 per litre. High-speed diesel (HSD) has recorded a much sharper increase of Rs31.05 per litre, raising its price to Rs354.35 per litre.

The decision was announced only hours after the government unveiled a daily petroleum pricing system. Officials said the new mechanism has been introduced to improve transparency and allow quicker adjustments in response to frequent changes in international oil prices.

Petroleum Minister Ali Pervaiz Malik said the government had adopted the new system because global oil markets had become highly volatile due to rising geopolitical tensions. He said the previous pricing method was no longer suitable in the current situation, where international crude prices can change significantly within a short period.

The minister admitted that the increase in fuel prices would create financial pressure on the public. However, he said the government had to make difficult decisions to safeguard the country’s economy and avoid losses caused by sudden changes in global oil prices.

Pakistan had shifted from fortnightly to weekly petroleum price revisions earlier this year as international markets became increasingly unstable. The latest move replaces the weekly review with a daily adjustment mechanism, allowing authorities to revise prices whenever necessary.

The latest increase follows a sharp rise in global crude oil prices after the conflict between the United States and Iran intensified. Continued military strikes and growing uncertainty in the Middle East have raised fears of disruptions to oil supplies.

International markets have also been affected by concerns over shipping routes. The Strait of Hormuz, through which nearly 20 percent of the world’s oil supply passes, remains under close watch. Any disruption in the waterway could significantly affect global energy supplies and push oil prices even higher.

Brent crude and West Texas Intermediate (WTI) crude both recorded strong gains during the week. Energy analysts say fears of supply shortages and continued regional instability have driven oil prices to their highest levels in weeks.