Petrol up Rs20.81, diesel Rs55.36 per liter in six days

ISLAMABAD: Petrol and diesel prices have risen sharply since Pakistan adopted a daily petroleum pricing mechanism, with petrol increasing by Rs20.81 per liter and high-speed diesel by Rs55.36 per liter over the past six days.

The daily pricing system came into effect after the federal cabinet on July 17 authorized the Oil and Gas Regulatory Authority (OGRA) to revise petroleum prices each day in line with fluctuations in international oil markets.

Under the new mechanism, petrol was increased by Rs5.44 per liter and diesel by Rs31.05 per liter effective July 18. On July 21, petrol prices were reduced by 35 paisas, while diesel rose by Rs5.71 per liter.

Subsequent revisions saw petrol increase by Rs4.93 and diesel by Rs7.15 for July 22, followed by hikes of Rs6.39 for petrol and Rs7.83 for diesel for July 23. For July 24, petrol prices increased by Rs4.40 per liter, while diesel was raised by Rs3.62 per liter.

The government says the new daily pricing mechanism allows OGRA to adjust petroleum prices based on international market trends, replacing the previous periodic review system.