The government of Pakistan has increased the fuel prices. The price of petrol has been raised by Rs4, while the diesel price has been decreased by Rs2 per litre.
As per the official notification by the Petroleum Division, the price of petrol has been increased, while the government has reduced the cost of high-speed diesel,
The new prices will take effect from August 6.
Under the revised rates, petrol has become Rs4.45 per litre more expensive, taking the new price to Rs333.01 per litre.
In contrast, high-speed diesel has been reduced by Rs2.00 per litre, bringing its new price down to Rs383.86 per litre.
The government has also increased the petroleum levy on diesel by Rs1.40 per litre, raising it from Rs70.86 to Rs72.26 per litre.
The latest adjustment reflects the government’s fortnightly fuel price review, which considers international oil prices, exchange rate movements and changes in taxes and levies.
The revised prices are effective immediately following the issuance of the official notification by the Petroleum Division.
Read more: Power outage scheduled in parts of Rawalpindi on August 5: IESCO
Oil falls for third day as hopes of Iran talks calm markets
Oil prices fell for a third straight session on Wednesday, extending this week’s sharp losses as traders watched for signs of progress in diplomatic efforts aimed at ending the Iran conflict and reopening the Strait of Hormuz.
Brent crude dropped 92 cents, or about 1.2 per cent, to $78.44 a barrel in early trade. The global benchmark has now lost more than 12 per cent this week. US West Texas Intermediate (WTI) crude also declined, falling $1.07, or 1.4 per cent, to $74.70 a barrel after shedding more than 11 per cent over the same period.
The latest fall came after Qatar said mediators were making headway in efforts to end the conflict, raising hopes that tensions in the region could ease. Those comments encouraged investors to reduce the risk premium that had driven oil prices sharply higher in recent weeks.
However, uncertainty remains. Tehran has rejected US President Donald Trump’s claim that negotiations are already taking place, leaving markets unsure about how quickly a breakthrough can be reached.
Also read: Alternative routes announced for Islamabad on August 5, Kashmir day
