Petrol and diesel prices hiked by OGRA amid global oil crisis

The Oil and Gas Regulatory Authority (OGRA) has raised the cost of petrol and diesel in Pakistan amid major disruptions in global energy markets.

OGRA began updating ex-depot petroleum product prices every 24 hours starting July 17, 2026, under a new pricing methodology imposed by the federal government. The move is intended to better respond to changes in worldwide oil prices and to lessen the impact of excessive volatility on the domestic economy.

The current revision has increased the price of Motor Spirit (MS), often known as fuel. High-Speed Diesel (HSD) prices have also witnessed a sharp rise, adding to the burden on individuals and businesses highly dependent on fuel.

Prices are changing often because of the world’s largest energy supply failure, caused by the 2026 war between the US, Israel, and Iran. The crisis disrupted oil supplies across the Strait of Hormuz, one of the world’s most significant energy transit routes, to a great extent.

Late in February, Iran reportedly limited ships via the strait, which traditionally transported about a fifth of world seaborne oil traffic. The US later hit back with a naval blockade of Iranian ports, adding to fears about the security of world energy supply.

A temporary ceasefire in June fuelled hopes for easing the problem and bringing back normal shipping activity. But such aspirations died after the truce fell apart on July 8 amid further attacks on commercial vessels.

Later, Iran again shut off the Strait of Hormuz. The US military conducted further airstrikes to reopen the key shipping route. Global oil markets have been on a knife edge amid ongoing tensions and disruptions.

Given the extreme volatility in international fuel prices, OGRA has now resorted to daily price changes to reflect the changing market conditions. The strategy indicates that the petrol and diesel prices in Pakistan may continue to move up and down often as the global energy crisis unfolds.