Govt hikes petrol price by Rs3.34, high-speed diesel by Rs5.27

Dawn reported that the government increased the petrol rate by Rs3.34 a litre on Tuesday, along with a Rs5.27 rise for high-speed diesel (HSD). After the change, petrol is priced at Rs334.54 a litre and HSD at Rs395.69 a litre, with the new rates applying from Wednesday, August 19. The Petroleum Division's notification sets out these revised figures.

Taxes and duties still account for Rs114 a litre on petrol and Rs100 a litre on diesel. Following the outbreak of the US-Iran conflict on February 28, diesel climbed from Rs281 to a peak of Rs520.35 on April 3. Petrol followed a similar path, rising from Rs266 in early March to Rs458.41 on April 3. Both fuels have since eased from those highs.

Petroleum Minister Ali Pervaiz Malik said prices will now be set daily instead of weekly because of swings in global rates after hostilities resumed between Iran and the US. The cabinet, with the prime minister's sign-off, has tasked Ogra, the Oil and Gas Regulatory Authority, with setting rates each day based on international price trends. Changes in petrol rates hit middle and lower-middle income households, while diesel moves reach heavy transport, power stations and large generators.