Govt hikes petrol price by Rs5.77, high-speed diesel by Rs6.47

The government raised petrol prices by Rs5.77 per litre and high-speed diesel (HSD) by Rs6.47 per litre on Monday, according to Dawn. The revised rates put petrol at Rs331.20 per litre and HSD at Rs390.42 per litre, applicable from August 18, a Tuesday. Taxes and duties make up Rs114 per litre of the petrol price and Rs100 per litre of diesel.

Diesel rose from a base of Rs281 per litre once hostilities between the US and Iran began on February 28, reaching Rs520.35 on April 3. Petrol climbed from Rs266 in early March to Rs458.41 on the same day. Both fuels now sit below those April peaks, even after Monday's increase.

Petroleum Minister Ali Pervaiz Malik said fuel prices will now be set daily, with the Oil and Gas Regulatory Authority (Ogra) deciding them on the basis of international market trends. The All Pakistan Dealers Association opposed the daily model and is weighing protest action. Petrol and HSD remain the major revenue earners, selling about 700,000 to 800,000 tonnes a month, against just 10,000 tonnes of kerosene demand.