KARACHI: Pakistan reduced petrol and diesel prices in the first adjustment under a new daily pricing mechanism, with petrol dropping Rs 3.19 per liter and high-speed diesel falling Rs 1.50 per liter, effective Aug. 7, 2026.
Petrol now costs Rs 329.82 per liter, down from Rs 333.01, while high-speed diesel decreased to Rs 382.36 from Rs 383.86, according to the Oil and Gas Regulatory Authority.
The shift to daily price reviews, approved by the federal cabinet and implemented July 1, replaces a weekly system introduced after hostilities escalated in the Middle East on Feb. 28.
The conflict began when Israel and the United States attacked Iran, leading Tehran to shut the Strait of Hormuz, a route that previously carried about a fifth of global energy supplies. Tensions have mounted since a fragile June truce collapsed, reviving fears of full-scale war, according to a government document obtained by Geo News.
Under the new framework, Ogra sets prices based on a seven-day average of international market prices and can announce adjustments without prior approval from the prime minister or federal government, the document said. Prices notified on Fridays will remain unchanged on Saturdays and Sundays.
Petroleum Minister Ali Pervaiz Malik said the daily pricing ensures transparency and allows the immediate impact of international price fluctuations to be passed on to consumers.
The document also outlined revised import arrangements for fiscal year 2026-27, directing that high-speed diesel imports be routed exclusively through Pakistan State Oil, while oil marketing companies may import petrol according to their market shares. Companies failing to meet import obligations could face bans of up to nine months.
The regulator will publish daily Platts reference prices, and any changes to the petroleum levy require approval from the Finance Division, according to the document. Previously, petroleum rates were revised fortnightly.
