No respite for common man as govt raises petrol price by 5.02, HSD by Rs 5.28
Islamabad: High oil prices in the international market forced the government to increase the price of petrol by Rs5.02 per litre and of high-speed diesel (HSD) by Rs5.28 per litre.
Following the revision, petrol will retail at Rs375.82 per litre while HSD will cost Rs403.32 per litre. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel.
According to the Petroleum Division’s notification, the new prices will be applicable from Sept 12 (Saturday) to Sept 14 (Monday). The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.
In international market oil prices fell slightly on Friday but remained on course for a weekly gain of more than 9 percent while U.S. diesel prices hit a record high as attacks along Middle East shipping routes stoked concerns about prolonged supply disruptions. Brent crude futures were down $2.46, or 2.29%, at $105.17 a barrel at 11:33 a.m. (1633 GMT).
U.S. West Texas Intermediate crude fell $2.44, or 2.38%, to $100.04 a barrel. Both benchmarks hit their highest levels since mid-May earlier in the session.
Both reversed early gains after the Financial Times reported that foreign ministers in the Middle East are trying to work out a temporary deal with Iran to manage shipping through the Strait of Hormuz. On Thursday, Brent and WTI rose more than 6 percent after an escalation in shipping attacks in the region.
