The federal government on Monday maintained the prices of petrol and high-speed diesel at Rs. 327.62/liter and Rs. 380.86/liter, respectively, applicable for Aug. 11 (Tuesday).
The consumer price includes around Rs. 114/liter in taxes and duties on petrol and Rs. 100/liter on diesel. This marks the fourth consecutive day of these prices, which were set on Aug. 7.
The Oil and Gas Regulatory Authority (OGRA) revises the consumer price of petroleum products on a daily basis in a bid to improve transparency and allow international price changes to be immediately passed on to consumers.
According to Petroleum Minister Ali Pervaiz Malik, the daily prices are based on a seven-day average of international market prices, in line with international practice.
The government switched to a daily price fixation mechanism amidst renewed hostilities in the Middle East, though the conflict is currently on pause once more as the U.S. and Iran negotiate peace. Prior to the daily mechanism, the government had switched to a weekly price review at the onset of the war. Before the war, the government utilized a fortnightly review.