ISLAMABAD: The government has announced new prices for petroleum products, reducing the price of petrol while increasing the price of high-speed diesel.
According to a notification issued by the Petroleum Division, the price of petrol has been reduced by 94 paisa per litre, bringing the new price to Rs324.98 per litre.
Meanwhile, the price of diesel has been increased by 54 paisa per litre. Following the revision, diesel will now cost Rs382.79 per litre.
The revised prices have been announced by the government following a review of petroleum product rates.
Amid volatility in global oil rates on the back of renewed hostilities in the Middle East, the government decided to switch to a daily fuel price review mechanism.
The government had introduced a weekly fuel price review system after the conflict in the Middle East began on February 28, when Israel and the United States attacked Iran, leading Tehran to shut the Strait of Hormuz — the main route before the war for around a fifth of global energy supplies.
Tensions have mounted since a fragile June truce between Tehran and Washington collapsed, reviving fears of full-scale war and disrupting energy flows through the Strait.
