Petrol will cost Rs 320.73 per litre, while high-speed diesel has been fixed at Rs 367.21.
In this undated image you can see a gasoline pump in the federal capital. —FILE PHOTO
The federal government on Tuesday increased the prices of petrol and high speed diesel (HSD) by Rs 4.93 and Rs 7.15 per litre, respectively, for July 22.
According to a notification issued by the Ministry of Petroleum, the price of petrol has been fixed at Rs 320.73 per litre, while HSD will now cost Rs 367.21 per litre.
Amid volatility in global oil rates in the wake of renewed hostilities in the Middle East, the government decided to switch to a daily fuel price review mechanism on Friday. The daily price is based on a seven-day weekly average of international market prices to align with international standards.
Read: Government shifts to daily POL pricing amid global headwinds
On Monday, the government increased the price of high speed diesel (HSD) by Rs 5.71 per liter and reduced the price of petrol by 35 paise per liter for a day.
The Oil and Gas Regulatory Authority will update prices of petroleum products on its website daily to ensure transparency and allow the immediate impact of international price fluctuations to be conveyed to consumers.
Officials said international oil prices had risen again following renewed conflict between Iran and the United States and concerns about the closure of the Strait of Hormuz, threatening global oil supplies, including those from Pakistan.
Domestic fuel prices had initially declined following the Iran-US peace deal, but began to rise again after fresh hostilities resumed.
The renewed conflict has also raised concerns about possible fuel shortages in the country.
High-speed diesel is widely used in the transportation and agriculture sectors, while gasoline is mainly consumed in motorcycles and cars. Officials said demand for petrol has increased following restrictions on the use of indigenous gas in Punjab.
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More to follow.
