Govt increases petrol price by Rs1.12, high-speed diesel by Rs1.11

Dawn reported that fuel prices went up on Tuesday, with petrol rising by Rs1.12 per litre and HSD by Rs1.11 per litre. The new rates put petrol at Rs343.10 per litre and HSD at Rs371.80, and they apply on Aug 26 and 27 under a Petroleum Division notification.

Taxes and duties stay at Rs114 per litre on petrol and Rs100 per litre on diesel, the report said. Fuel prices will now be fixed daily rather than weekly, a shift the petroleum minister, Ali Pervaiz Malik, linked to moving international rates after renewed hostilities between Iran and the US. The Oil and Gas Regulatory Authority (Ogra) has been assigned the job of setting these daily prices based on global market trends.

HSD had risen from Rs281 after the war with Iran began on February 28, while petrol climbed from Rs266 in early March. Both fuels reached their highs on April 3, at Rs520.35 for HSD and Rs458.41 for petrol. Weekly announcements had been made since early March, and the daily system marks a change in approach.