Petrol, Diesel Prices Increased in Pakistan; New Rates Effective Midnight
The price of petrol has been increased by Rs6.51 per litre
Islamabad: (Web Desk) – The government has announced an increase in petroleum product prices, according to a notification issued by the Petroleum Division.
As per the notification, the price of petrol has been increased by Rs6.51 per litre, bringing the new price to Rs399.86 per litre. Meanwhile, the price of high-speed diesel has seen a significant hike of Rs19.39 per litre, with the new rate set at Rs399.58 per litre.
The revised prices will come into effect from 12:00 midnight tonight.
The government has also raised the petroleum levy on various products. The levy on petrol has been increased from Rs103.50 to Rs112.14 per litre, while the levy on high-speed diesel has gone up from Rs28.69 to Rs37.33 per litre. Additionally, the levy on high-octane fuel has been increased from Rs305.37 to Rs307.52 per litre.
Sources stated that the announcement was made a day earlier due to the public holiday on May 1 (Labour Day).
Meanwhile, the spokesperson for OGRA (Oil and Gas Regulatory Authority) has dismissed reports circulating on social media regarding a strike by petroleum dealers, terming them false and baseless. No petroleum association has announced any strike, the spokesperson confirmed.
The Petroleum Division also clarified that there is no truth in reports about closure of petrol pumps from May 1, assuring that fuel supply across the country will remain uninterrupted.
The statement further noted that despite ongoing tensions in the Middle East, petroleum supply has remained stable and will continue to be ensured in the future.
It is worth mentioning that global oil prices have been volatile due to geopolitical tensions, including concerns over potential escalation involving Iran and disruptions in the Strait of Hormuz. Earlier, oil prices had surged to a four-year high but have since declined.
According to reports, Brent crude has dropped from $124 to around $114 per barrel, while WTI crude has decreased from $110 to approximately $104 per barrel.
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