Govt hikes petrol price by Rs3.81, high-speed diesel by Rs3.59

According to Dawn, the government raised petrol prices by Rs3.81 per litre and high-speed diesel (HSD) by Rs3.59 per litre on Friday. After the increase, petrol retails at Rs341.59 and HSD at Rs368.29 per litre. The new rates take effect from August 22 to 24, as set out in a Petroleum Division notification.

Diesel has come off a peak of Rs520.35 reached on April 3, having climbed from Rs281 since the US-Iran conflict started on February 28. Petrol followed a similar path, touching Rs458.41 on April 3 after starting March at Rs266. Taxes and duties of Rs114 per litre on petrol and Rs100 on diesel remain in place.

Petroleum Minister Ali Pervaiz Malik said fuel rates will now be fixed daily, citing volatility in global markets after renewed Iran-US hostilities. Ogra has been given the task of setting these prices each day using international trends, the minister added.