ISLAMABAD: Pakistan’s government on Thursday increased the prices of petrol and high-speed diesel (HSD) by Rs4.40 and Rs3.62 per liter respectively for the next 24 hours, it said in a notification.
The South Asian nation began revising petrol prices on a daily basis on July 21, amid renewed hostilities between the United States and Iran, which have driven volatility in global oil markets.
Islamabad traditionally revised petroleum prices every fortnight but switched to weekly adjustments after the fighting first erupted between the US and Iran in late February.
The latest revision has pushed the price of petrol to Rs331.52 ($1.19) and diesel to Rs378.66 (1.36) per liter, according to a notification issued by the Pakistani energy ministry.
“Based on revised petroleum pricing mechanism, issued by federal government, Oil and Gas Regulatory Authority (OGRA) has revised the ex-depot prices of the petroleum products for July 24th,” the notification read.
Pakistan’s shift to setting fuel prices on a daily basis faced resistance from petroleum dealers who announced a nationwide strike this week.
The strike was called off after Petroleum Minister Ali Pervaiz Malik assured them the government would address their concerns over the daily fuel pricing mechanism within two weeks.
The government says the new mechanism will allow domestic fuel prices to reflect international market movements more quickly and improve transparency. Dealers, however, want the daily pricing system scrapped, an increase in their margins to 8 percent from the current fixed rate of Rs8 per liter, and the withdrawal of a 0.8 percent deduction on credit card transactions.
