Govt raises petrol price by Rs5.44, diesel by Rs31.05 per litre

Islamabad (Web Desk): The federal government has announced an increase in the prices of petroleum products, raising the rates of both petrol and high-speed diesel with immediate effect.

According to a notification issued by the Petroleum Division, the price of high-speed diesel (HSD) has been increased by Rs31.05 per litre, taking the new price to Rs354.35 per litre.

The price of petrol has also been raised by Rs5.44 per litre, bringing its new retail price to Rs316.15 per litre.

The price revision comes after the government announced a major change to the petroleum pricing mechanism, under which fuel prices will now be determined and announced on a daily basis instead of the previous fortnightly schedule.

Speaking at a joint press conference with Information Minister Attaullah Tarar, Petroleum Minister Ali Pervaiz Malik said the latest increase was driven by rising international crude oil prices amid escalating regional tensions.

He said global energy prices had started climbing again as crude oil became more expensive in international markets, making price adjustments unavoidable.

The minister said the government is moving towards the deregulation of the petroleum sector to make the pricing system more transparent.

He added that Prime Minister Shehbaz Sharif and the federal cabinet have authorised the Oil and Gas Regulatory Authority (OGRA) to determine petroleum prices every day in line with international market trends.

Under the new mechanism, OGRA will calculate daily fuel prices and publish them on its official website, allowing consumers to track changes in petroleum prices on a regular basis.