ISLAMABAD: Pakistan fuel prices will rise on July 31, with petrol increasing by Rs1.09 to Rs336.15 per litre and high-speed diesel by Rs2.42 to Rs393.04, the Petroleum Division said Thursday.
The ex-depot petrol price increased from Rs335.06 per litre. High-speed diesel rose from Rs390.62 per litre, according to the Petroleum Division figures reported by Profit.
The Oil and Gas Regulatory Authority (OGRA) notified the revised rates under Pakistan’s daily petroleum pricing mechanism. The prices will remain in effect through July 31 unless the regulator announces another revision.
Petroleum Minister Ali Pervaiz Malik said the mechanism uses a seven-day rolling average of international benchmark prices. Government taxes and oil companies’ margins are added before OGRA announces the final rates.
Read: Pakistan Petrol Price Rises to Rs335.81 on July 29
Malik told the National Assembly Standing Committee on Petroleum that daily notifications had not changed the calculation formula. He said the system aimed to prevent supply restrictions and speculative activity.
The federal government adopted daily revisions on July 17 amid volatile global oil prices. The system replaced weekly reviews, which had earlier succeeded the country’s fortnightly pricing mechanism.
A federal cabinet-approved framework authorises OGRA to announce prices without prior approval from the federal government. Rates notified on Fridays remain effective during the weekend.
The framework also requires Pakistan State Oil to handle high-speed diesel imports. Other oil marketing companies may import petrol in line with their market share.
