Petrol Price Rises Rs3.34, Diesel Rs5.27 Per Litre for tomorrow

ISLAMABAD: (News Desk) – The federal government has increased petrol and high-speed diesel prices for August 19, with petrol becoming costlier by Rs3.34 per litre and diesel by Rs5.27 per litre under the newly introduced daily fuel pricing mechanism.

According to the latest notification, the price of petrol has been raised from Rs331.20 to Rs334.54 per litre, while high-speed diesel will now cost Rs395.69 per litre, up from Rs390.45.

The revised rates will remain effective for August 19, with the government now reviewing petroleum prices on a daily basis.

The Oil and Gas Regulatory Authority (Ogra) has started publishing daily petroleum prices on its website as part of efforts to improve transparency and enable changes in international oil prices to be reflected more quickly in domestic fuel rates.

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

Daily Fuel Pricing Mechanism

The government shifted towards daily fuel price reviews amid increased volatility in international oil markets following renewed tensions in the Middle East.

Previously, petroleum prices were revised on a fortnightly basis before the government moved to a weekly mechanism after the regional conflict disrupted global energy markets.

Under the new framework, Ogra will determine and announce daily ex-depot prices for petrol and high-speed diesel based on average international market prices recorded over the preceding seven days.

The regulator can issue daily price notifications without obtaining separate approval from the prime minister or federal government.

However, prices announced on Fridays will remain unchanged during Saturday and Sunday, according to the approved framework.

Ogra is also required to publish daily Platts reference prices, with the new system taking effect from July 1, 2026.

The framework places a ceiling on the petroleum levy based on the limit approved by the federal cabinet. Any changes to the levy will require approval from the Finance Division.

Fuel Import Rules Revised

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

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

Companies that fail to meet their import or fuel-upliftment obligations could face restrictions on obtaining fresh import permissions for up to nine months.

The framework further provides for daily determination of kerosene oil and light diesel oil prices and directs relevant authorities to immediately implement the revised pricing system.