petrol price hits
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Petrol Price hits Rs320.73 after fresh hike

ByJustpaste.in

The federal government on Tuesday announced a fresh increase in the prices of petrol and high-speed diesel (HSD), continuing its new policy of daily fuel price adjustments.

According to a notification issued by the Ministry of Petroleum, the price of petrol has been increased by Rs4.93 per litre. The new price has been fixed at Rs320.73 per litre.

The price of high-speed diesel has also been raised by Rs7.15 per litre. Consumers will now pay Rs367.21 per litre for HSD. The revised prices will come into effect from July 22.

The increase follows the government’s recent decision to introduce a daily petroleum pricing mechanism. Previously, fuel prices were reviewed every two weeks. Under the new system, prices are revised every day based on changes in the international oil market.

Officials said the daily pricing formula uses the average international oil prices recorded over the previous seven days. The policy is intended to ensure that fluctuations in global crude oil prices are reflected more quickly in domestic fuel rates.

The government had also revised fuel prices a day earlier. At that time, the price of high-speed diesel was increased, while petrol received a slight reduction for only one day.

The Oil and Gas Regulatory Authority (OGRA) will continue updating petroleum prices on a daily basis. The authority says the new system will improve transparency and allow consumers to see immediate changes linked to global oil prices.

Officials said international crude oil prices have become highly volatile due to renewed tensions in the Middle East. Fresh conflict in the region has increased fears of disruptions to global energy supplies and pushed oil prices higher.

Concerns over possible supply disruptions through key international shipping routes have also added pressure on global oil markets. Pakistan, which imports a large portion of its petroleum requirements, remains vulnerable to these fluctuations.

Earlier, international oil prices had declined after hopes of easing regional tensions. However, the latest developments reversed that trend, forcing another increase in domestic fuel prices.

High-speed diesel is mainly used by heavy transport vehicles, agricultural machinery and industries. Any increase in its price usually raises transportation costs and farming expenses, which can contribute to higher prices of essential goods.

Petrol is the primary fuel for motorcycles, cars and other private vehicles. Officials said petrol consumption has also increased after restrictions were imposed on the use of indigenous gas in Punjab, leading more consumers to rely on petrol-powered transport.

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