ISLAMABAD (Kashmir English): The federal government on Friday increased the petrol and diesel prices by Rs 3.66 per liter and Rs 4.80 per liter, respectively, for July 25, amid recent fluctuations in global oil prices following renewed hostilities in the Middle East.
The Oil and Gas Regulatory Authority (OGRA) has revised the new ex-depot prices of petrol and high-speed diesel (HSD) effective from tonight, the notification issued by the Petroleum Division stated.
With the latest revision, the new price of petrol has been fixed at Rs 335.18 per liter and diesel at Rs 383.46 per liter.
Earlier last week, Petroleum Minister Ali Pervaiz Malik announced that the Oil and Gas Regulatory Authority (OGRA) will now determine the fuel prices on a daily basis based on the international market and will be updated on its website following renewed hostilities between Iran and the US.
He further said that the cabinet has decided to bring transparency to the entire system of fuel prices, stating that “OGRA would not just publish the fuel rates on its website, but also publish the factors leading to the price that we see in each petrol pump.”
He further said that the daily price review will be decided according to a seven-day weekly average in the international market.
Following the announcement of this policy, the All Pakistan Petrol Pump Owners Association (APPPOA) rejected the federal government’s new petroleum price deregulation policy and announced a nationwide strike on July 22.
However, they postponed their planned call for a nationwide strike after successful negotiations with the government over the daily fuel pricing mechanism.
The representatives of the association announced this during a joint press conference with Petroleum Minister Ali Pervaiz Malik following the third round of talks today.
The Chairman APPPOA Humayun Khan said that they have decided to postpone their strike and protest after the government’s assurance of reviewing the newly implemented daily pricing system.
