The Oil and Gas Regulatory Authority (OGRA) has announced revised petroleum prices under its daily pricing mechanism, with the new rates taking effect from August 1 to August 3.

According to Petroleum Minister Ali Pervaiz Malik, the daily pricing system is designed to enhance transparency and ensure that changes in international oil prices are reflected promptly in domestic fuel rates. The prices are determined using the seven-day average of international petroleum market prices, in line with global pricing standards.

Under the latest revision, the price of petrol has been reduced by Rs0.12 per litre, bringing the rate down from Rs336.15 to Rs336.03 per litre.

Similarly, the price of high-speed diesel (HSD) has been decreased by Rs0.66 per litre, lowering the rate from Rs393.04 to Rs392.38 per litre.

The updated prices will remain in effect from August 1 through August 3, after which OGRA will review fuel rates again under the daily pricing mechanism.