Petrol, diesel prices increased for August 22-24

The federal government has increased the prices of petrol and high-speed diesel (HSD), with the revised rates coming into effect from August 22 and remaining applicable through August 24.

Petrol has become Rs3.81 more expensive per litre, taking its new price to Rs341.59, while the price of HSD has risen by Rs3.59 to Rs368.29 per litre.

The government continues to collect Rs114 per litre in taxes and duties on petrol, while the levy on diesel stands at Rs100 per litre.

The latest increase comes after fuel prices had fallen significantly from their highs earlier in the year. HSD had reached Rs520.35 per litre on April 3 after rising from Rs281 in late February, while petrol peaked at Rs458.41 on the same date after beginning its upward movement from Rs266 in early March.

The government has shifted to more frequent fuel price adjustments following renewed volatility in international oil markets linked to tensions involving Iran and the United States. Under the revised mechanism, the Oil and Gas Regulatory Authority (OGRA) has been tasked with determining fuel prices based on international market movements.

Previously, fuel rates were revised weekly, with the government also introducing measures aimed at conserving fuel and addressing potential supply disruptions.

Petrol price changes have a direct impact on household budgets because the fuel is widely used in private vehicles, motorcycles, rickshaws and other small forms of transport. Diesel rates are equally significant as HSD is extensively used by heavy transport, power plants and large generators.

Petrol and HSD remain the country’s largest petroleum products by sales volume, with combined monthly demand substantially higher than that of kerosene.