REUTERSThe federal government on Tuesday increased the prices of petrol and high-speed diesel (HSD) by Rs1.63 and Rs1.55 per litre, respectively, a day after reducing the petrol price. The latest revision comes a day after the government reduced the price of petrol by Re1 per litre, while increasing the price of high-speed diesel by Rs3.37 per litre. Read: Govt decreases petrol price by Re1, increases HSD price by Rs3.37 for July 28On July 17, the government introduced a daily fuel price review mechanism amid volatility in global oil prices following renewed hostilities in the Middle East. The daily fuel prices are based on a seven-day average of international market rates to align with international standards. It marked the first time the international oil benchmark had hit that level since late May as the US-Iran war has heated up again.