Govt increases petrol prices by Rs 5.58 & HSD by Rs 4.18
Islamabad: The federal government on Tuesday jacked up the price of petrol and high-speed diesel (HSD) by Rs5.58 and Rs4.18 per litre, respectively, for September 9. Due to two consecutive increases All Pakistan Goods Transporters Association raised their fares by 5 percent.
According to a notification issued by the Petroleum Division, the price of petrol was fixed at Rs364.35 per litre, while HSD would cost Rs385.95 per litre for September 9.
The latest revision comes a day after the government hiked the price of petrol and HSD by Rs12.9 and Rs3.72 per litre, respectively, for September 8.
On July 17, the government announced a new pricing mechanism under which petroleum product prices would be reviewed and notified on a daily basis, replacing the weekly pricing mechanism, as renewed tensions between the United States and Iran continued to drive volatility in global oil markets and raise concerns over fuel supplies.
Global geopolitical developments continue to pose significant risks. International oil prices are influenced by decisions taken by OPEC+, conflicts in the Middle East, sanctions on oil-producing nations, and disruptions in critical shipping routes such as the Strait of Hormuz and the Red Sea. Any interruption in these supply chains can immediately increase crude oil prices and freight costs. Since Pakistan imports the majority of its petroleum requirements, these developments quickly translate into higher domestic fuel prices.
Oil prices rose to a six-week high on Tuesday after Iran-backed Houthis in Yemen attacked Saudi energy facilities, setting oil installations ablaze and threatening a major expansion of the six-month-old Middle East war.
Brent crude futures rose 70 cents, or 0.7 percent, to USD 97.70 a barrel, while US West Texas Intermediate (WTI) crude rose USD1.21, or 1.3 percent, to USD 92.69. That puts Brent on track for its highest close since July 23 and WTI on track for its highest close since June 4.
Meanwhile the All Pakistan Goods Transporters Association raised the fares by 5 percent due to substantial increases in petroleum products prices
