Petroleum Minister Ali Pervaiz Malik Unveils Daily Pricing Mechanism Citing Hormuz Crisis, Hours Before Announcing New Prices Of Rs316.15 And Rs354.35 Per Litre
According to The Express Tribune, Pakistan’s federal government raised petrol prices by Rs5.44 to Rs316.15 per litre and high-speed diesel by Rs31.05 to Rs354.35 per litre on July 17, effective from midnight; the first revision under the country’s newly introduced daily petroleum pricing mechanism.
The announcement came just hours after Petroleum Minister Ali Pervaiz Malik and Information Minister Ataullah Tarar unveiled the new framework, citing sharp fluctuations in international oil markets driven by renewed US-Iran hostilities. The daily mechanism replaces the weekly pricing cycle introduced in March following the outbreak of the US-Iran war, itself a replacement of the previous fortnightly system.
Brent crude surged $3.98, or 4.73%, to $88.21 per barrel on Friday, while WTI gained $3.80, or 4.81%, to $82.75, as the US and Iran expanded attacks across the Gulf — with Washington striking bridges and an airport in Iran, and Tehran hitting a power and desalination plant in Kuwait. Both benchmarks posted weekly gains of approximately 16%, with the Middle East’s role as a major diesel exporter compounding tightening fuel supply globally.
Minister Malik acknowledged the decision would be difficult for the public but said it was necessary to strengthen the state and avoid financial risk to the government. The prices remain in effect until Monday, July 20.
Pakistan now lives with daily fuel price revisions set by a war it has no role in fighting. Every escalation in the Gulf translates directly into the cost of transport, food logistics, and electricity generation across the country. The switch to daily pricing adds transparency but it also means Pakistanis will feel every market tremor in real time, without the buffer that fortnightly revisions once provided.
Check out our previous coverage of Pakistan affairs on The Trusted Times.
