The federal government has announced a price adjustment for petroleum products on Wednesday, pushing the rate of high-speed diesel (HSD) up by Rs2.24 per litre while lowering petrol by 75 paisas per litre.
The new rates set HSD at Rs390.62 per litre and petrol at Rs335.06 per litre. An official notification issued by the Petroleum Division confirmed that the updated prices take effect on July 30 (Thursday).
HSD previously reached a peak of Rs520.35 on April 3 after starting an upward movement from Rs281 per litre following the outbreak of the US-Iran war on February 28. Petrol reached its highest rate of Rs458.41 on April 3, moving up from Rs266 recorded during the first week of March.
Petroleum Minister Ali Pervaiz Malik explained the shift in pricing policy due to global market changes linked to Middle East tensions.
“The cabinet and the prime minister have decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends,” the petroleum minister stated.
The federal government previously maintained weekly revisions starting in early March, alongside fuel conservation steps to manage supply disruptions caused by the conflict. The government also introduced targeted relief programs in April to supply subsidised fuel.
HSD powers heavy transport, electricity generation, and industrial generators, making price changes impactful across the general economy. Petrol serves as the primary fuel for private cars, rickshaws, and motorcycles, directly affecting middle and lower-middle-class commuters. High-speed diesel and petrol represent the main revenue drivers for the sector, maintaining monthly sales volumes between 700,000 and 800,000 tonnes, compared to the monthly demand of 10,000 tonnes for kerosene.
