The federal government has increased the price of petrol by 45 paise per litre and high-speed diesel (HSD) by Rs1.16 for August 14, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA) after government approval.

Following the latest adjustment, petrol will now cost Rs325.43 per litre, up from Rs324.98, while the price of HSD has been raised to Rs383.95 per litre from Rs382.79.

The revised prices will take effect from midnight and remain applicable for August 14 only, according to the notification.

The latest increase comes a day after the government reduced the petrol price by 94 paise per litre while raising HSD by 54 paise.

Before Wednesday’s adjustment, petrol was priced at Rs325.92 per litre and HSD at Rs382.25.

Petroleum prices have undergone several revisions in recent weeks following the government’s shift from a weekly to a daily pricing mechanism.

Under the new system, OGRA calculates ex-depot prices based on a rolling seven-day average of international oil prices, exchange rate movements and other cost components before submitting its recommendations to the federal government for approval.

The daily pricing mechanism is aimed at allowing domestic fuel prices to respond more quickly to changes in international oil markets and other cost factors.