The federal government on Friday announced another increase in petroleum prices, raising the price of petrol by Rs14.92 per litre and high-speed diesel (HSD) by Rs15 per litre for the next week amid the ongoing global fuel crisis linked to tensions in the Middle East.
According to a statement issued by the Petroleum Division, the new price of petrol has been fixed at Rs414.78 per litre, while HSD will now cost Rs414.58 per litre. The revised prices came into effect from Friday midnight.
This marks the second consecutive increase since April 30, when the government raised petrol prices by Rs6.51 per litre and diesel prices by Rs19.39 per litre due to disruptions in global oil supplies caused by the blockade of the Strait of Hormuz.
Petroleum prices have surged sharply in recent months following escalating tensions between the United States and Iran. After military strikes by the US and Israel on Iran earlier this year, Tehran retaliated and shut down the Strait of Hormuz, a key global oil route, leading to a steep increase in international crude oil prices.
The government had already increased fuel prices multiple times since March, citing rising international market rates. Earlier this month, petrol prices reached a record Rs458.4 per litre after a massive Rs137 increase. However, Prime Minister later announced an Rs80 per litre reduction in the petroleum levy, temporarily bringing petrol prices down to Rs378 per litre.
Despite this relief, the government last week again increased petrol and diesel prices by Rs26.77 per litre by imposing an additional petroleum levy, even though international oil prices had not risen proportionately.
With the latest hike, fuel prices have once again approached the Rs400 per litre mark, adding to inflationary pressure and increasing concerns among the public and business community.
