ISLAMABAD – Petrol and diesel prices further go highter despite decline in global crude oil markets, where prices witnessed one of the biggest drops of the year following easing tensions between the US and Iran.
OGRA raised price of petrol by Rs1.63 per litre, pushing it from Rs334.18 to Rs335.81 per litre, while high-speed diesel (HSD) has become costlier by Rs1.55 per litre, increasing from Rs386.83 to Rs388.38 per litre.
According to the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) revised the ex-depot prices under the government’s petroleum pricing mechanism, with the new rates coming into effect from July 29, 2026.
The price hike comes at a time when international oil markets moved in the opposite direction. Global crude prices plunged after a temporary pause in US-Iran hostilities reduced fears of supply disruptions.
Pakistan had recently shifted from a weekly petroleum price review system to daily price adjustments following renewed tensions between Washington and Tehran, which triggered volatility in global energy markets.
Brent crude suffered an 11.3% decline, falling to $85.87 per barrel, while US West Texas Intermediate (WTI) dropped nearly 7% to $82.61 per barrel. The sharp fall marked one of the steepest single-day declines of 2026 and the biggest drop since April 8.
Market analysts attributed the decline to improving investor confidence after geopolitical tensions showed signs of easing, reducing concerns over possible disruptions in global oil supplies.
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