ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has issued a notification revising the petrol price and diesel rate for the next 24 hours, ARY News reported.
According to the notification, the petrol price has been reduced by Rs1 per litre. After the cut, the petrol price has been fixed at Rs334.18 per litre.
The diesel rate, however, has been increased by Rs3.37 per litre. The new diesel rate has been fixed at Rs386.83 per litre.
The revised petrol price and diesel rate will come into effect from 12:00am tonight and will remain applicable for the next 24 hours, according to the notification.
Earlier, Federal government issued guidelines to Oil and Gas Regulatory Authority (OGRA) for daily adjustment of the petroleum prices.
“OGRA will release new fuel prices daily on its website, while petrol and diesel prices will be attached with the average international rate of the seven working days,” according to official document.
The prices of petroleum products will be kept unchanged on Saturday and Sunday.
The OGRA will not be required government approval for announcement of the prices daily, which will be decided on the basis of the imported cost and the premium, according to the official memo. “In case of not imported, the price will be fixed on the basis of the annual average premium”.
The price of diesel will also be fixed on the imported cost and seven days average rate, as per the document.
The petroleum levy will not be charged above the limit fixed by the cabinet. “Any change in the petroleum levy will be possible after approval by the finance ministry.
The regulatory authority will issue the international reference prices on its website from July 1, 2026. The daily issuance of the international prices has been made mandatory for the sake of transparency, the memo read.
The Pakistan State Oil (PSO) will only be eligible to import the high-speed diesel (HSD) from the 2027 financial year.
“Oil Marketing Companies (OMCs) will be allowed to import petrol according to their market share. The OMCs will be declared ineligible for upto nine months over violation of import terms,” according to the document.