Pakistani authorties jacked up prices of both petrol and high-speed diesel, sending fuel rates higher once again. Petrol jumped by Rs3.34 per litre, taking its new price to Rs334.54 per litre. High-speed diesel has seen an even bigger increase of Rs5.27 per litre, pushing its rate to Rs395.69 per litre.
The revised prices have been officially notified by the government and will come into effect from August 19 under the latest petroleum price adjustment.
The latest increase puts petrol firmly above the Rs334 mark, while diesel is now just a few rupees away from crossing Rs400 per litre.
The fresh fuel shock is expected to hit transport costs, commuting expenses and household budgets, while businesses could also face higher operating costs. Any sustained rise in transportation expenses may further increase pressure on the prices of goods and services across the country.
For consumers already dealing with elevated living costs, the latest hike means another increase in the amount they will have to spend on daily travel and fuel. Transport operators and businesses dependent on diesel could also pass some of the additional cost on to consumers.
Oil prices are rising for a third straight session as tensions between the US and Iran threaten to disrupt energy shipments through the Strait of Hormuz. Hopes for a lasting agreement have weakened, with Iran warning of a possible military escalation and the US ruling out an extension of the temporary ceasefire.
Tanker traffic through the Strait remains sharply reduced, while a vessel was reportedly struck by a projectile while leaving the waterway, increasing concerns over shipping security.
WTI rose 0.59% to $85, Brent gained 0.12% to $90.98, and Murban crude climbed 0.51% to $98.20. Natural gas also increased 0.48% to $2.703.
Global Oil Prices near $91 as US-Iran Tensions choke Hormuz shipping
The post Pakistan’s Petrol Price surges Past Rs334 as Diesel races toward Rs400 appeared first on Daily Pakistan English News.
