Islamabad-(Muasssar Iqbal/News Desk)- The federal government has issued a notification announcing an increase in petroleum product prices for the coming week, effective from midnight tonight.
According to a press release issued by the Petroleum Division, the price of high-speed diesel (HSD) has been increased by Rs15 per litre, taking the new price to Rs414.58 per litre.
Similarly, the price of motor spirit (petrol) has been raised by Rs14.92 per litre, bringing the new rate to Rs414.78 per litre.
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The revised prices will come into effect from 12:00 am tonight.
The government has been reviewing petroleum prices every Friday night amid global oil market volatility linked to the US-Iran conflict.
Global oil prices were up more than 1% on Friday after renewed fighting broke out between the US and Iran, threatening a shaky ceasefire and dashing hopes for progress on reopening the Strait of Hormuz, a key oil and gas transit route.
Brent crude futures were up $1.41, or 1.41%, at $101.47 a barrel as of 0123 GMT. West Texas Intermediate (WTI) US crude futures rose by $1.12, or 1.18%, to $95.93 a barrel. At the market open prices had risen by more than 3%.
Petrol is mainly used by commuters in small vehicles, rickshaws and two-wheelers. Higher fuel prices significantly impact the budgets of middle and lower-middle-class households, who rely on petrol for daily travel.
On the other hand, a significant portion of the transport sector relies on high-speed diesel.
Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.
The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.
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