Following the latest revision, petrol will be sold at Rs341.98 per litre, while the price of high-speed diesel (HSD) has been set at Rs370.69 per litre. The government continues to impose Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
According to a notification issued by the Petroleum Division, the revised prices will take effect from August 25.
The latest HSD price remains significantly below its record high of Rs520.35 per litre, reached on April 3. The price had risen from Rs281 per litre after the outbreak of the US-Iran conflict on February 28.
Similarly, petrol had climbed to a peak of Rs458.41 per litre on April 3, after beginning its upward trend from Rs266 in the first week of March.
Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would be determined on a daily basis in response to fluctuations in international oil markets following renewed hostilities between Iran and the United States.
The government had previously been revising fuel prices weekly since early March, while also introducing fuel conservation measures amid concerns over potential disruptions to oil supplies due to the conflict in the Middle East. In April, the federal government also announced targeted measures to provide subsidised fuel to affected segments.
The petroleum minister said the cabinet and prime minister had assigned the Oil and Gas Regulatory Authority (Ogra) the responsibility of determining fuel prices daily in line with international market trends.
Petrol is primarily consumed by private vehicles, small transport, rickshaws and motorcycles, making price changes particularly significant for middle- and lower-middle-income groups. Diesel prices, meanwhile, have a wider impact on the public as HSD is extensively used in heavy transport, power plants and large generators.
Petrol and HSD remain the government’s major petroleum revenue sources, with monthly sales ranging between 700,000 and 800,000 tonnes, compared with around 10,000 tonnes of monthly kerosene demand.
