Under the latest revision, petrol will cost Rs386.30 per litre, while high-speed diesel will remain at Rs396.96 per litre.

According to a notification issued by the Petroleum Division, the revised prices will remain effective from October 17 to 19.

The Oil and Gas Regulatory Authority (Ogra) has also started publishing daily petroleum prices on its website to improve transparency and ensure that changes in international oil prices are passed on to consumers more quickly.

Petroleum Minister Ali Pervaiz Malik said the daily prices were calculated using a seven-day average of international oil prices, in line with international practice.

Under the latest revision, petrol has fallen from Rs390.23 to Rs386.30 per litre. High-speed diesel has been set at Rs396.96 per litre, compared with its previous rate of Rs396.65.

The government introduced the daily fuel price review mechanism amid volatility in global oil markets following renewed hostilities in the Middle East.

It had previously shifted to weekly price reviews after the conflict began on February 28, when Israel and the United States attacked Iran, prompting Tehran to close the Strait of Hormuz, a key route for around one-fifth of global energy supplies before the war.

Tensions have increased since a fragile ceasefire between Tehran and Washington collapsed in June, raising fears of a wider conflict and disrupting energy supplies through the strait.

Before the introduction of weekly reviews, petroleum prices were revised every fortnight.

Daily fuel pricing mechanism

Under a federal cabinet-approved framework, Ogra will issue daily ex-depot prices for petrol and high-speed diesel based on average international market prices over the preceding seven days.

The regulator will be authorised to announce daily prices without prior approval from the prime minister or the federal government.

However, prices announced on Fridays will remain unchanged on Saturdays and Sundays.

The framework also states that Ogra will publish daily Platts reference prices from July 1, 2026.

The petroleum levy will remain subject to the maximum limit approved by the federal cabinet. Any change in the levy rate will require approval from the Finance Division.

Fuel import rules revised

The government has also revised fuel import arrangements for the fiscal year 2026-27.

Under the new rules, high-speed diesel imports will be handled exclusively through Pakistan State Oil (PSO), while oil marketing companies will be allowed to import petrol according to their respective market shares.

Companies that fail to meet import obligations or fuel upliftment requirements may be barred from receiving fresh import permissions for up to nine months.

The framework also provides for daily pricing of kerosene oil and light diesel oil and directs the relevant authorities to implement the new mechanism immediately.