ISLAMABAD: Pakistan on Thursday raised the price of petrol by Rs3.05 per litre and high-speed diesel (HSD) by Rs5.37 per litre, with the new rates taking effect from Friday.
Under the revised rates, petrol will now be sold at Rs370.80 per litre, while diesel will cost Rs398.04 per litre.
According to the Petroleum Division’s notification, the new prices will be applicable on September 11 (Friday).
In the previous review on Wednesday, the government had increased the petrol price by Rs3.05per litre and the diesel price by Rs5.37 per litre.
The price of high-speed diesel has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28.
The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.
Pakistan’s daily fuel price mechanism
On July 17, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US.
The government had earlier replaced the fortnightly pricing system with weekly reviews following the outbreak of the Middle East conflict.
Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes.
Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants, and large generators.
Global oil prices jump to $105 a barrel
Oil prices jumped about 4% on Thursday, with Brent crude rising above $105 a barrel as increased attacks on commercial shipping since the Iran war began heightened concerns about disruptions to global energy supplies.
ALSO READ: Global Oil Prices Jump to $106 a Barrel as Middle East Conflict Escalates
Brent crude futures rose $4.05, or 4%, to $105.26 a barrel by 1215 GMT. US West Texas Intermediate (WTI) crude gained $3.99, or 4.15%, to $100.04, briefly pushing above $100 for the first time since May.
Brent has risen more than 30% from lows reached in early August after diplomatic efforts to secure a lasting US-Iran ceasefire failed and fighting resumed.
The latest price surge followed attacks on commercial shipping around the Strait of Hormuz, a vital route for global oil and gas supplies.
The UK Maritime Trade Operations agency said it had received reports of several merchant vessels being struck by disabling fire in the Gulf of Oman.
