Govt hikes petrol price by Rs0.27, high-speed diesel by Rs1.64

Dawn reported a Thursday increase of Rs0.27 per litre for petrol and Rs1.64 per litre for HSD, also known as high-speed diesel. Afterwards, petrol sells for Rs337.78 a litre and HSD for Rs364.70 a litre. The new rates apply from August 21, a Friday, according to a Petroleum Division notification.

Taxes and duties still come to Rs114 per litre on petrol, while diesel carries Rs100 per litre. Diesel peaked at Rs520.35 on April 3 and has since eased, after rising from Rs281 when the US-Iran war began on February 28. Petrol followed a similar path, reaching Rs458.41 on April 3 after climbing from Rs266 in early March.

Petroleum Minister Ali Pervaiz Malik said fuel prices will be set daily because of market swings after renewed Iran and US hostilities. The cabinet and prime minister have given Ogra the task of setting daily prices based on international trends, replacing weekly revisions in place since early March.