Key Takeaways
- Petrol price increased to Rs333.01 per litre while HSD decreased to Rs383.86 per litre.
- Daily pricing mechanism introduced amid global market fluctuations.
- Fuel prices adjusted frequently since March due to regional tensions.
The government has announced an increase of Rs4.45 per litre in the price of petrol and a reduction of Rs2 per litre in high-speed diesel (HSD) for August 6, effective immediately.
Following this revision, petrol will retail at Rs333.01 per litre, while HSD will cost Rs383.86 per litre. Taxes and duties continue to be levied at Rs110 per litre on petrol and Rs96 per litre on diesel.
Petrol prices have fluctuated significantly since the beginning of March due to regional tensions, peaking at Rs458.41 on April 3 before a series of adjustments.
The government introduced daily fuel price reviews in July to align with international market trends following renewed hostilities between Iran and the US.
High-speed diesel prices have also seen significant changes, starting from Rs281 per litre after the US-Iran conflict began on February 28, reaching a peak of Rs520.35 on April 3 before recent reductions.
The federal government has been adjusting fuel prices weekly since early March to mitigate potential disruptions in oil supply due to regional conflicts and market volatility.
Petroleum Minister Ali Pervaiz Malik stated that the cabinet had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of daily pricing based on international market trends, though this decision was rejected by the All Pakistan Dealers Association.
The changes in fuel prices are expected to impact various sectors, with petrol mainly used for private transport, small vehicles, rickshaws, and two-wheelers, while HSD is crucial for heavy transport, power plants, and large generators.
