The government of Pakistan has announced new prices for petroleum products.
The Petroleum Division has issued a notification outlining the revised prices of petroleum products effective August 12.
According to the notification, the price of petrol has been reduced by Rs1.70 per litre, bringing the new price to Rs325.92 per litre.
Meanwhile, the price of diesel has been increased by Rs1.39 per litre, taking its new price to Rs382.25 per litre.
International crude oil prices experienced high volatility, initially surging driven by escalating US-Iran geopolitical tensions and supply concerns in the Strait of Hormuz, with WTI and Brent briefly hitting multi-week highs above $84 and $90 respectively.
However, prices pulled back significantly later in the session following signals from Pakistani officials that diplomatic mediation between the US and Iran was nearing a potential arrangement.
This development renewed market optimism regarding de-escalation and the eventual normalization of regional shipping, tempering the geopolitical risk premium that had previously fueled the sharp upward momentum in energy markets.
