Pakistan raises petrol and diesel prices, introduces daily fuel price adjustments

The government of Pakistan has announced an increase in the prices of petroleum products, with diesel registering the largest hike.

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

The price of petrol has also been raised by Rs5.44 per litre, taking the new rate to Rs316.15 per litre.

The government has also announced that petroleum product prices will now be reviewed and determined on a daily basis.

Speaking at a press conference alongside Information Minister Attaullah Tarar, Minister for Petroleum Ali Pervaiz Malik said the latest increase was driven by rising global crude oil prices amid escalating tensions in the region, which have led to higher energy costs worldwide.

Malik added that the government is moving toward the deregulation of petroleum products.

He said Prime Minister Shehbaz Sharif and the federal cabinet have decided that the Oil and Gas Regulatory Authority (OGRA) will determine fuel prices every day and publish the updated rates on its official website.