KARACHI: Pakistan on Thursday announced another increase in fuel prices, pushing petrol close to the Rs400 ($1.43) per liter mark as the government adjusted rates for the next 24 hours.

Pakistan’s government decided to switch to a daily fuel price revision mechanism in July, amid volatility in global oil rates due to renewed hostilities in the Middle East.

On Thursday, the government raised petrol price by Rs2.31 to Rs398.96 ($1.44) per liter and that of high-speed diesel by Rs0.78 to Rs395.72 ($1.43) per liter.

“The change in price is necessitated by global events, including changes in Platts rates (daily benchmark price assessments for commodities), premiums, incidentals,” the finance ministry said in a notification.

Pakistan has repeatedly increased fuel prices, citing supply disruptions due to the US-Iran war that began in late Feb.

Before the US-Iran war began on Feb. 28, petrol cost Rs266.17 ($0.96) per liter and diesel Rs280.86 ($1.01). Petrol price peaked to Rs458.41 ($1.65) per liter in April from Rs266 ($0.96) per liter in the first week of March, while diesel peaked to Rs520.35 ($1.88) per liter from Rs281 ($1.01).

Pakistan’s government has also provided fuel subsidies to more than 9 million low-income people as the war continues to drive up energy prices, officials said on Tuesday.

The amount and frequency of assistance vary by vehicle type. Motorcycle and three-wheeler users qualify for a discount of Rs500 ($1.79) a week, with a limit of four tokens a month. That brings their maximum monthly assistance to Rs2,000 ($7.14).

Owners of cars with engines of up to 800 cubic centimeters are eligible for a discount of Rs100 (36 cents) per liter on up to 10 liters of gasoline (2.6 gallons) every 10 days. They can receive three tokens a month, saving up to Rs3,000 ($10.71).