Petrol prices in Pakistan have been cut by Rs1.60 per litre while high-speed diesel has become dearer by Rs1.64 per litre in the latest revision under the government’s new daily pricing mechanism, effective Friday.
Following the revision, petrol will sell at Rs377.71 per litre, down from Rs379.31, while high-speed diesel will cost Rs391.75 per litre, up from Rs390.11, according to a notification issued by the Petroleum Division.
The government has switched to a daily fuel price review mechanism, with the Oil and Gas Regulatory Authority (Ogra) now publishing revised ex-depot prices on its website every day. Petroleum Minister Ali Pervaiz Malik said the daily prices are worked out on a seven-day average of international market prices, in line with international practice.
Prices notified on Fridays will remain unchanged over the weekend, while the petroleum levy cannot exceed the ceiling approved by the federal cabinet. Any change in the levy rate will need approval from the Finance Division.
The move to daily pricing comes amid volatility in global oil rates driven by renewed hostilities in the Middle East. The government had earlier introduced a weekly review after the conflict began, replacing the previous fortnightly system.
The revision follows yesterday’s adjustment, when petrol had risen 88 paisa and diesel 53 paisa a litre.
