ISLAMABAD: The federal government has increased the prices of petrol and high-speed diesel in its latest fuel price review, raising the cost of both major petroleum products with immediate effect.
According to the official notification, the price of petrol has been increased by Rs13.18 per liter, while high-speed diesel has gone up by Rs13.80 per liter.
Under the revised rates, petrol has been increased by Rs13.18 per liter to Rs310.71 per liter, while high-speed diesel has risen by Rs13.80 per liter to Rs323.30 per liter.
The new prices were announced through an official notification by the Ministry of Petroleum and are effective immediately.
Earlier reports had suggested that the government was considering an increase in diesel prices while providing relief on petrol.
However, the latest estimates indicate that both major petroleum products are likely to see price hikes.
The expected increase follows the government’s previous fortnightly fuel price review, announced on July 4, when it reduced the prices of both petrol and high-speed diesel by Rs1.97 per litre.
Following that adjustment, the price of petrol was set at Rs297.53 per liter, down from Rs299.50, while high-speed diesel was reduced to Rs309.50 per liter from Rs311.47.
Read more, Global oil demand to drop for first time since 2020 amid Iran conflict, IEA says
Earlier, Global oil demand is on track to decline for the first time since the height of the COVID-19 pandemic, the International Energy Agency said Friday, as war with Iran disrupts production and exports across the Middle East.
World oil demand is set to fall by 1 million barrels per day year-over-year in 2026, marking the first annual contraction since 2020, the Paris-based agency said in its latest oil market report.
The projected decline is “highly skewed in both product and regional terms,” the IEA noted, attributing the slump largely to the closure of the Strait of Hormuz, a critical chokepoint for global oil and gas shipments that has cut off exports through the Persian Gulf.
A recovery is underway, the agency’s researchers added, but they cautioned that renewed escalation in the conflict could complicate matters and further cloud the outlook.