The Government of Pakistan has increased the petrol price and diesel rate, according to an official notification issued by the Petroleum Division, as global oil markets continue to show volatility.
The petrol price has been raised by Rs26.77 per litre, taking the new petrol price to Rs393.35 per litre. The diesel rate has also gone up by Rs26.77 per litre, with high-speed diesel now fixed at Rs380.19 per litre.
The revised petrol price and diesel rate will come into effect from midnight tonight and remain applicable for the coming week.
Meanwhile, the Petroleum Minister said that regional tensions have once again pushed up global oil prices, adding pressure on the domestic market.
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He noted that due to pricing pressures and existing agreements with international partners, the government is being forced to take difficult decisions.
The minister claimed that the government has tried to absorb as much of the impact of rising petroleum costs as possible, while also highlighting that both federal and provincial governments have provided a historic relief package to the public.
He further expressed hope that regional stability will improve soon, which would help ease pressure on oil markets and allow the government to pass on relief to consumers through a reduction in petrol price.