Petrol will cost Rs 320.73 per liter while high speed diesel is fixed at Rs 367.21.
A petrol pump in the federal capital seen in this undated photo. — FILE PHOTO
The federal government on Tuesday hiked the prices of petrol and high-speed diesel (HSD) by Rs 4.93 and Rs 7.15 per liter respectively for July 22.
According to a release from the Ministry of Petroleum, the price of petrol has been fixed at Rs 320.73. per liter while HSD will now cost Rs 367.21.
Amid volatility in global oil prices amid renewed hostilities in the Middle East, the government on Friday decided to switch to a daily fuel price review. Daily pricing is based on a seven-day weekly average of international market prices to conform to international standards.
Read: Government moves to daily POL prices amid global headwinds
On Monday, the government raised the price of high-speed diesel (HSD) by Rs 5.71. per liter while it reduced the price of petrol by 35 paisas per liter for a day.
The Oil and Gas Regulatory Authority will update the prices of petroleum products on its website daily to ensure transparency and allow the immediate impact of international price fluctuations to be passed on to consumers.
Officials said international oil prices had risen again following the renewed conflict between Iran and the United States and concerns over the closure of the Strait of Hormuz, which threatens global oil supplies, including those to Pakistan.
Domestic fuel prices had initially fallen after the Iran-US peace deal, but began to rise again after the resumption of hostilities.
The renewed conflict has also raised concerns about potential fuel shortages in the country.
High-speed diesel is widely used in the transport and agricultural sectors, while petrol is primarily consumed by motorcycles and cars. Officials said demand for petrol has increased following restrictions on the use of indigenous gas in Punjab.
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More to follow.
