Petrol prices have been increased by Rs3.34 per liter, while diesel prices have risen by Rs5.27 per liter.
ISLAMABAD: The federal government has increased the prices of petrol and diesel, with the new rates taking effect from August 19, according to a notification issued by the Petroleum Division.
Petrol prices have been increased by Rs3.34 per liter, while diesel prices have risen by Rs5.27 per liter.
Following the increase, petrol will cost Rs334.54 per liter, while the new price of diesel has been set at Rs395.69 per liter.
The revised prices will remain applicable under the government’s latest petroleum pricing notification.
More read, Oil prices surge as tanker attack adds to Strait of Hormuz risks
Earlier, Global oil prices climbed to their highest levels since July as attacks on vessels near the Strait of Hormuz and a lack of progress in US-Iran negotiations heightened concerns over disruptions to crude supplies.
Brent crude rose above $91 a barrel, while U.S. West Texas Intermediate crude approached $85 a barrel. Reuters reported that Brent reached $91.07 a barrel, marking its third consecutive session of gains, while WTI traded around $84.99. Other market reports put Brent as high as $91.60 a barrel.
The latest price increase followed a report by the United Kingdom Maritime Trade Operations that a commercial vessel was struck by a projectile of unknown origin while departing the Strait of Hormuz.
The incident reportedly damaged the vessel’s engine room. One crew member was reported killed or injured, while other crew members were rescued by the Omani coast guard.
