Petrol, diesel prices revised again under daily pricing mechanism

Under the revised rates, petrol will now cost Rs337.78 per litre, while high-speed diesel will be available at Rs364.70 per litre.

The new prices will remain effective until August 21, according to the notification.

The latest adjustment comes under the federal government's new daily petroleum pricing mechanism, introduced amid volatility in international oil markets following renewed tensions in the Middle East.

Under the revised system, the Oil and Gas Regulatory Authority (OGRA) determines petroleum prices using a rolling seven-day average of international oil prices.

OGRA is authorised to announce the daily ex-depot prices of petrol and high-speed diesel without seeking prior approval from the prime minister or the federal government.

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

Petroleum Minister Ali Pervaiz Malik had said the new mechanism would bring Pakistan's fuel pricing system closer to international practices while allowing changes in global oil prices to be reflected more quickly in domestic rates.

The daily pricing system replaced the previous weekly mechanism, which had been introduced after the outbreak of the Israel-Iran conflict and subsequent disruptions to energy shipments through the Strait of Hormuz.

The government had previously revised petroleum prices on a fortnightly basis.

Under the new framework, OGRA has also been directed to publish daily Platts reference prices. The petroleum levy cannot exceed the limit approved by the federal cabinet, while any change in the levy requires approval from the Finance Division.

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