Govt raises petrol, diesel prices for next week

ISLAMABAD: The federal government has announced a significant increase in the prices of petroleum products, raising the rates of both petrol and high-speed diesel with effect from midnight.

According to a notification issued by the Petroleum Division, the price of high-speed diesel (HSD) has been increased by Rs13.80 per litre, while the price of petrol has gone up by Rs13.18 per litre.

Following the latest revision, the new price of high-speed diesel has been set at Rs323.30 per litre, while petrol will now be available at Rs310.71 per litre.

The Petroleum Division said the revised prices will come into effect from 12:00 a.m., in line with the government's latest fortnightly review of petroleum product prices.

Global Oil prices fell on Friday after the latest round of US-Iran fighting as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz, but prices remained on track to close the week sharply higher.

Brent futures were down 52 cents, or 0.68%, at $75.78 a barrel by (1735 GMT). US West Texas Intermediate crude dropped 83 cents, or 1.15%, to $71.25.

Iranian armed forces launched attacks on US military infrastructure in Gulf states on Thursday after US strikes on Iran's southern coastal and eastern provinces.