Islamabad: In the context of Iran-US tensions, the procedure for setting petrol prices has been changed. This new procedure will be applied for the next 30 days. According to sources, after approval of the Cabinet, the Petroleum Division issued the new formula to the refineries. The import price of petrol will be determined on the basis of the actual import cargo cost of PSO, while if the actual import cost is not available, the premium and additional costs of the last cargo will be allowed to be used. Oil refineries will be able to set the ex-refinery price of petrol at the level of March 7, 2026 for the next 30 days. Refineries will be allowed to keep premium, surcharge and customs duty at the level of March 7, 2026. According to sources, the difference between the import price and the ex-refinery price will have to be deposited to the refineries as petroleum levy. The benefit of change in petroleum levy will be passed on only to petrol consumers, the benefit of petroleum levy will be available to consumers in case of reduction in price of petrol.