Govt increases petrol price by Rs0.39, high-speed diesel by Rs2.40

Dawn reported that the government raised petrol prices by Rs0.39 per litre and high-speed diesel (HSD) by Rs2.40 per litre on Monday. The revised rates apply from Tuesday, August 25, according to a Petroleum Division notification. After the increase, petrol will retail at Rs341.98 per litre and HSD at Rs370.69 per litre.

Taxes and duties still make up Rs114 per litre on petrol and Rs100 per litre on diesel, the report noted. Both fuels have swung widely this year, with HSD peaking at Rs520.35 on April 3 after starting from Rs281 when the US-Iran conflict began on February 28. Petrol followed a similar path, climbing from Rs266 in early March to a high of Rs458.41 on April 3.

Petroleum Minister Ali Pervaiz Malik said fuel prices will now be set daily instead of weekly, reflecting volatility after renewed Iran-US hostilities. The cabinet and prime minister have given the Oil and Gas Regulatory Authority (Ogra) responsibility for daily pricing based on international trends. Petrol and HSD remain the main revenue earners, selling about 700,000 to 800,000 tonnes a month against roughly 10,000 tonnes of monthly kerosene demand.