The federal government on Tuesday reduced the price of petrol by Rs1.70 per litre while increasing the price of high-speed diesel (HSD) by Rs1.39 per litre for Wednesday, August 12.

Following the revision, petrol will now cost Rs325.92 per litre, down from Rs327.62, while the price of HSD has risen to Rs382.25 per litre from Rs380.86.

According to a notification issued by the Ministry of Energy (Petroleum Division), the Oil and Gas Regulatory Authority (OGRA) on Tuesday revised the ex-depot prices of petroleum products under the government’s petroleum pricing mechanism.

The latest adjustment comes after the government had kept petroleum prices unchanged on Monday.

The government has made several adjustments to petroleum prices in recent weeks under the daily pricing mechanism.

The previous rates, effective from August 8 to August 10, followed a reduction of Rs2.20 per litre in petrol and Rs1.50 in HSD.

Before that, petrol had been increased by Rs4.45 per litre to Rs333.01, while HSD was reduced by Rs2 to Rs383.86.

On August 4, petrol and HSD prices were reduced by Rs3.39 and Rs4.07 per litre, respectively. On August 3, the government cut petrol and HSD prices by Rs4.08 and Rs2.45 per litre.

Earlier, on August 1, petrol became cheaper by 12 paisa per litre and HSD by 66 paisa.

Pakistan replaced its weekly petroleum pricing system with a daily mechanism earlier this year.

Under the new framework, the OGRA calculates ex-depot prices using 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.