The Oil and Gas Regulatory Authority (OGRA) on Wednesday announced the latest fuel prices for July 30 (Thursday), increasing the price of high-speed diesel by Rs. 2.24/liter while decreasing the price of petrol by Rs. 0.75/liter.
The latest price of petrol following the revision is Rs. 335.06/liter, while diesel is Rs. 390.62/liter.
Under the daily price fixation mechanism implemented earlier this month, OGRA updates prices of petroleum products on its website daily, ostensibly to ensure transparency and allow the immediate passing on of international price fluctuations to consumers.
According to Petroleum Minister Ali Pervaiz Malik, the daily pricing is based on a seven-day weekly average of international market prices to align with international standards. The government implemented the daily mechanism amidst renewed hostilities between Iran and the United States. Prior to the daily price fixing, authorities had shifted to setting prices weekly after earlier setting them fortnightly.
Petrol is primarily used in private transport, small vehicles, rickshaws and two-wheelers, and shifts to its price affect the middle and lower-middle classes, which use it for their daily commute.
Hike to diesel prices, however, are consider inflationary because it is used in the heavy transport sector, power plants and large generators and can impact the prices of essential commodities.