The federal government has once again raised the prices of petrol and high-speed diesel under the daily petroleum pricing mechanism, with the new rates taking effect from midnight for July 31.

According to a notification issued by the Oil and Gas Regulatory Authority (OGRA) after federal government approval, the price of petrol has been increased by Rs1.09 per litre to Rs336.15 per litre.

The price of high-speed diesel (HSD) has been raised by Rs2.42 per litre, taking the new ex-depot price to Rs393.04 per litre.

The revised prices will remain in effect for 24 hours from midnight under Pakistan’s recently introduced daily fuel pricing mechanism.

The latest increase comes a day after the government reduced petrol prices by 75 paise per litre while raising diesel prices by Rs2.24 per litre.

Despite Thursday’s increase following the brief cut, petrol prices have risen by Rs25.34 per litre over the past two weeks, climbing from Rs310.81 per litre to Rs336.15.

Diesel prices have witnessed an even steeper increase, surging by Rs69.74 per litre during the same period, from Rs323.30 per litre to Rs393.04.

Pakistan shifted from a weekly to a daily petroleum pricing mechanism, under which OGRA determines ex-depot fuel prices every day using a rolling seven-day average of international oil prices.

Petroleum Minister Ali Pervaiz Malik had announced on July 17 that OGRA would update petroleum product prices daily and publish the revised rates on its website.

Officials say the new mechanism allows domestic fuel prices to respond more quickly to fluctuations in global oil markets while improving transparency in petroleum pricing.

High-speed diesel is widely used by the transport, agriculture and industrial sectors, making its price a key driver of freight costs and inflation.

Petrol prices, meanwhile, directly affect private motorists, public transport operators and millions of commuters across the country.