The federal government has increased the prices of petroleum products, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).
The price of petrol has been increased by Rs4.93 per liter, taking the new price to Rs320.73 per liter.
Meanwhile, the price of high-speed diesel (HSD) has been raised by Rs7.15 per liter, bringing the new price to Rs367.21 per liter.
According to the notification, the revised fuel prices took effect on July 22.
Notably, The All Pakistan Petrol Pumps Association has announced an indefinite nationwide closure of petrol stations beginning at midnight Tuesday after negotiations with the government over a proposed daily fuel pricing mechanism ended without agreement.
In a video statement, the association’s Secretary General, Nauman Ali Butt, said talks with the Ministry of Petroleum had failed and rejected the government’s plan to revise petroleum product prices on a daily basis.
Butt said the association could not accept the proposed daily pricing mechanism and confirmed that petrol pumps across Pakistan would remain closed from 12 a.m. until further notice.
The dispute centers on the government’s decision to introduce a new pricing system under which the Oil and Gas Regulatory Authority (OGRA) would announce ex-depot prices for petrol and high-speed diesel on a daily basis.
Under the proposed mechanism, OGRA would determine prices based on the average international oil prices over the preceding seven days, while prices announced before the weekend would remain unchanged on Saturdays and Sundays.
