Islamabad: The federal government has significantly increased petroleum prices across Pakistan, raising the cost of petrol and high-speed diesel by Rs55 per litre following a sharp surge in international oil prices caused by growing tensions in the Middle East.
According to the latest notification, the price of petrol has risen to Rs321.17 per litre, while high-speed diesel now costs Rs335.86 per litre after the latest revision. The new prices came into effect immediately after the government’s announcement.
Officials said the decision was taken after reviewing the latest developments in global energy markets, where crude oil prices have climbed due to geopolitical uncertainty and concerns over possible disruptions in oil supply routes.
Authorities highlighted that the ongoing instability in the Middle East has created fears about the security of key shipping routes, including the strategic Strait of Hormuz, which plays a crucial role in global oil transportation.
The government also adjusted the Petroleum Development Levy (PDL) structure. The levy on petrol has been increased to Rs105 per litre, while the levy on diesel has been reduced to Rs55 per litre.
Finance officials stated that the government is closely monitoring the global oil market and may review petroleum prices more frequently if volatility continues.
Economic experts believe the latest fuel price hike could lead to an increase in transportation costs and inflation, as fuel prices directly affect the cost of goods and services across the country.
The government, however, assured that Pakistan currently has adequate petroleum reserves and that steps are being taken to maintain a stable supply of fuel nationwide.
source https://enews.hamariweb.com/business/petrol-diesel-prices-increased-by-rs55-per-litre-in-pakistan-amid-middle-east-crisis/
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