The federal government on Tuesday increased the prices of petrol and high-speed diesel under daily petroleum pricing mechanism, reversing the previous day’s cut in petrol rates.

According to a notification issued by the Petroleum Division, the ex-depot price of petrol has been increased by Rs1.63 per litre, while high-speed diesel (HSD) has become costlier by Rs1.55 per litre for July 29.

With the latest revision, the price of petrol has risen from Rs334.18 to Rs335.81 per litre, while high-speed diesel has increased from Rs386.83 to Rs388.38 per litre.

The fresh increase comes just a day after the government reduced petrol prices by Re1 per litre but raised diesel prices by Rs3.37 per litre.

The latest adjustment is part of Pakistan’s new daily petroleum pricing mechanism, under which fuel prices are revised every day instead of once a week.

The government introduced the new pricing regime last week, authorising the Oil and Gas Regulatory Authority (OGRA) to determine ex-depot petrol and diesel prices using a rolling seven-day average of international oil prices.

Officials say the daily pricing mechanism enables domestic fuel prices to reflect changes in global oil markets more quickly while improving transparency in the pricing process.

High-speed diesel is primarily consumed by the transport, agriculture and industrial sectors, while changes in petrol prices directly affect private motorists, public transport operators and commuters across the country.