ISLAMABAD – Pakistani government jacked up price of petrol by Rs2.02 per litre, while giving diesel consumers little relief with Rs3.59 per litre reduction.
According to a notification issued by the Ministry of Finance, the price of petrol has been increased from the previous rate, taking the new price to Rs391.30 per litre. The government has reduced the price of High-Speed Diesel (HSD) by Rs3.59 per litre, bringing its new price down to Rs408.53 per litre.
New Petrol and Diesel Prices
The revised petroleum prices will take effect from September 26 and remain applicable through September 28, according to the government notification.
The contrasting movement in petrol and diesel prices is likely to draw attention from motorists, transporters and businesses, with petrol becoming more expensive while diesel prices move in the opposite direction.
Global Oil Prices
Global oil markets witnessed uncertainity despite diplomatic efforts between US and Iran. Brent crude was trading at $105.36 per barrel on Friday, up 1.4% from $103.87 a week earlier, while WTI stood at $92.86, down 3.4% from $96.08.
Oil prices initially fell more than 2% amid renewed US-Iran diplomatic efforts and a recovery in Saudi crude exports, which reportedly climbed above 4 million barrels per day in September from 2.4 million bpd in August.
The partial restart of Saudi Arabia’s East-West Pipeline and higher-than-expected US crude inventories later pressured prices. Meanwhile, uncertainty surrounding the Strait of Hormuz remains central to the market, with Iran saying reopening the strategic waterway depends on conditions and reportedly presenting seven requirements to Washington.
