The government has once again increased the prices of petroleum products. According to a notification issued by the Petroleum Division, the per-litre prices of both petrol and high-speed diesel have been revised upward.
As per the notification, the price of petrol has been increased by Rs1.63 per litre, taking the new price to Rs335.81 per litre.
Similarly, the price of high-speed diesel has been increased by Rs1.55 per litre, bringing its new price to Rs388.38 per litre.
The Petroleum Division has formally issued the revised price notification, which states that the new rates will take effect immediately.
Daily fuel pricing mechanism
It may be recalled that on July 17, Federal Minister for Petroleum Ali Pervaiz Malik announced that petroleum product prices would henceforth be determined on a daily basis. According to him, the Oil and Gas Regulatory Authority (OGRA) will determine prices every day and publish them on its website, after which the government will issue the official notification.
Recent changes in fuel prices
Under the new daily pricing mechanism, on July 17 the government increased petrol by Rs5.44 per litre and high-speed diesel by Rs31.05 per litre for the following three days, taking their prices to Rs316.15 and Rs354.35 per litre, respectively.
On July 20, the government reduced the price of petrol by Rs0.35 per litre to Rs315.80, while on the same day high-speed diesel became Rs5.71 per litre more expensive, reaching Rs360.06 per litre.
On July 21, prices were raised again, with petrol increasing by Rs4.93 per litre and high-speed diesel by Rs7.15 per litre, bringing their prices to Rs320.73 and Rs367.21 per litre, respectively.
On July 22, petrol was increased by Rs6.39 per litre and high-speed diesel by Rs7.83 per litre, taking their prices to Rs327.12 and Rs375.04 per litre.
The upward trend continued on July 23, when petrol rose by Rs4.40 per litre and diesel by Rs3.62 per litre, with the new prices reaching Rs331.52 and Rs378.66 per litre, respectively.
On July 24, the government again increased petrol by Rs3.66 per litre and high-speed diesel by Rs4.80 per litre, raising their prices to Rs335.18 and Rs383.46 per litre, respectively. However, on July 25, the government decided to keep petroleum prices unchanged.
Minor relief yesterday, fresh increase today
On July 27, the government reduced the price of petrol by Rs1 per litre, bringing it down to Rs334.18 per litre. On the same day, however, high-speed diesel was increased by Rs3.37 per litre, taking its price to Rs386.83 per litre.
Now, under the latest notification issued for July 29, the government has once again increased the prices of both major petroleum products. As a result, petrol now costs Rs335.81 per litre, while high-speed diesel has reached Rs388.38 per litre.
Also Read: OGRA announces revised fuel prices
