ISLAMABAD (Dunya News) – Pakistan has increased the prices of petrol and high-speed diesel in its latest fuel price revision, with petrol becoming Rs5.44 per litre more expensive and diesel registering a much steeper Rs31.50 per litre increase.
The sharp rise comes against the backdrop of soaring international energy prices, with the government simultaneously announcing a major overhaul of the country's petroleum pricing mechanism.
The revised fuel prices take effect immediately and reflect mounting pressure from global oil markets, where energy costs have surged in recent weeks amid renewed regional tensions.
OGRA to announce petroleum prices every day under new cabinet decision
The announcement comes as the federal cabinet approved a new system that hands the responsibility for petroleum price determination to the Oil and Gas Regulatory Authority (OGRA) on a daily basis, replacing the existing periodic pricing mechanism.
Federal Minister for Petroleum Ali Pervaiz Malik announced the decision during a joint press conference with Federal Minister for Information Atta Tarar. Malik said Prime Minister Shehbaz Sharif and the federal cabinet had agreed that OGRA would now determine petroleum product prices every day in line with developments in international markets.
Under the new mechanism, the regulator will calculate revised fuel prices daily and publish them on its official website, allowing domestic prices to respond more quickly to fluctuations in global oil markets.
The petroleum minister said the government had intentionally reduced its role in fuel price setting, with OGRA assuming greater responsibility for determining prices based on prevailing international market conditions.
He said international energy markets were once again experiencing significant upward pressure because of escalating tensions in the region.
Highlighting the scale of the increase, Malik said the international price of diesel had climbed from $110 per barrel to $140 per barrel, reflecting the sharp rise in global energy costs.
He also acknowledged the public's patience during recent economic challenges, saying citizens had shown resilience during a difficult period.
With the new policy now approved by the cabinet, OGRA will become responsible for monitoring international market movements, calculating petroleum product prices every day and making the revised rates publicly available through its website, marking one of the most significant changes to Pakistan's fuel pricing system in recent years.