DNA

Under the latest revision, petrol will now cost Rs342.60 per litre, down from Rs343.10, while HSD has been reduced to Rs371.61 per litre from Rs371.80. The new rates will remain effective on Friday, August 28.

The Oil and Gas Regulatory Authority (OGRA) is now reviewing fuel prices daily, based on the average international market price over the previous seven days. The regulator can announce the revised rates without prior approval from the prime minister or federal government.

Petroleum Minister Ali Pervaiz Malik said the daily pricing mechanism was introduced to ensure international oil price movements are passed on to consumers more quickly.

The government moved from fortnightly to weekly reviews earlier this year amid disruptions to global energy supplies following renewed conflict in the Middle East.

The latest system is aimed at providing greater transparency and allowing fuel prices to respond more closely to changes in global oil markets.