Govt increases petrol price by Rs4.93, diesel by Rs7.15 per litre

The federal government has raised fuel prices again, increasing petrol by Rs4.93 per litre and high-speed diesel by Rs7.15 per litre in response to changes in global oil markets.

After the revision, petrol is priced at Rs320.73 per litre and high-speed diesel at Rs367.21 per litre. According to a notification from the Petroleum Division, the new rates take effect on July 22, Wednesday.

The latest adjustment comes as authorities move to pass on the impact of rising international prices, which have been affected by renewed regional tensions in the Persian Gulf. The government has been revising fuel prices on a weekly basis since early March, while also urging conservation amid concerns over possible supply disruptions linked to conflict in the Middle East.

Petrol and diesel remain the country’s key transport fuels and their prices have a broad impact on households and businesses. Petrol is widely used by private vehicles, rickshaws, motorcycles and small cars, while high-speed diesel is heavily consumed by the transport sector, power plants and large generators.

The new increase follows a period of sharp swings in fuel prices. Diesel, which had reached a high of Rs520.35 per litre on April 3, is now below that peak, while petrol, which had climbed to Rs458.41 per litre on the same date, is also lower than its highest point. Both fuels had seen steep rises earlier this year as international market conditions changed.

Earlier, Petroleum Minister Ali Pervaiz Malik said fuel prices would now be fixed on a daily basis because of volatility in global markets after renewed hostilities between Iran and the US. He said the cabinet and the prime minister had decided to assign the Oil and Gas Regulatory Authority the task of setting prices each day on the basis of international trends.

The move has already drawn criticism from the All Pakistan Dealers Association, which said it would consider a protest plan this week.

This report is based on a monitored public feed and reflects details attributed to Dawn Home.

Source: Dawn Home - https://www.dawn.com/news/2017311/govt-increases-petrol-price-by-rs493-diesel-by-rs715-per-litre