Pakistan has raised petrol and high-speed diesel prices in its latest fuel price revision. Petrol has become Rs 5.44 per litre more expensive, while diesel has registered a much steeper increase of Rs 31.50 per litre.
This sharp rise comes amid soaring global energy prices. Alongside this, the government has announced a major overhaul of the country’s petroleum pricing mechanism.
The revised fuel prices take effect immediately, reflecting mounting pressure from global oil markets where energy costs have surged recently due to renewed regional tensions.
The announcement follows the federal cabinet’s approval of a new system that hands the responsibility of determining petroleum prices to the Oil and Gas Regulatory Authority (OGRA) on a daily basis, replacing the previous periodic pricing mechanism.
Federal Minister for Petroleum Ali Pervaiz Malik announced this decision during a joint press conference with Federal Minister for Information Atta Tarar. Malik stated that Prime Minister Shehbaz Sharif and the federal cabinet had agreed that OGRA would now determine petroleum product prices daily, in line with international market developments.
Under this new mechanism, the regulator will calculate revised fuel prices every day and publish them on its official website, allowing domestic prices to respond more quickly to fluctuations in global oil markets.
The petroleum minister added that the government has intentionally reduced its role in fuel price setting, with OGRA assuming greater responsibility for determining prices based on prevailing international market conditions.