The federal government has once again announced a massive increase in petroleum product prices, raising the price of petrol by Rs. 5.44 per litre and diesel by Rs. 31.05 per litre.

According to the official notification, the price of petrol has increased from Rs. 310.71 to Rs. 316.15 per litre, while the price of high-speed diesel has risen from Rs. 323.30 to Rs. 354.35 per litre.

The new prices will take effect from July 18, 2026 and will be only effective for one day.

Last week, the government increased the prices of both petrol and diesel by Rs. 13 per litre, taking the price of petrol to Rs. 310.71 per litre and high-speed diesel to Rs. 323.30 per litre.

Earlier in the day, Petroleum Minister Ali Pervaiz Malik announced that fuel prices will now be revised daily due to volatile international oil markets caused by renewed US-Iran hostilities.

The federal cabinet approved the new policy, authorising OGRA to determine daily fuel prices and publish both rates and pricing calculations for greater transparency.

Malik said OGRA would disclose the factors behind daily fuel prices at petrol pumps, helping consumers better understand the pricing mechanism and decisions of the government.

He acknowledged the daily pricing system would increase the financial burden on citizens but said it was necessary because of worsening regional tensions and instability.