LAHORE – The price of Liquefied Petroleum Gas (LPG) has surged by Rs70 to Rs100 per kilogram, it emerged on Tuesday.
Ali Haider, a spokesperson for the Marketing Association, said the retail rate of LPG has risen from Rs250 per kilogram to between Rs320 and Rs350 per kilogram.
The Marketing Association noted that supply shortages and price increases have been ongoing since the conflict in Iran.
The association urged the government to arrange LPG imports from Russia or Oman to stabilize the market.
The development comes days after the federal government announced a massive increase in petroleum prices due to supply concerns amid ongoing war involving the US, Israel and Iran.
On Friday, the government announced a massive Rs55 per litre increase in petrol and high-speed diesel prices, sending fuel costs soaring to Rs321.17 per litre for petrol (up from Rs266.17) and Rs335.86 per litre for diesel. The price surge, effective midnight Saturday, marks a staggering 17% jump for consumers nationwide.
Global Oil Prices
On the other hand, global oil prices dropped to $88.18 per barrel after Trump’s startling statement about ongoing Iran war.
The sharp drop came even as other key benchmarks moved in the opposite direction, with Brent Crude rising 6.76% to $98.96 per barrel and Murban Crude climbing 6.71% to $110.20.
The dramatic divergence in oil prices comes amid the intense turbulence gripping global energy markets as geopolitical tensions between the United States, Israel, and Iran escalate. Initial fears that the conflict could disrupt Middle Eastern oil supplies pushed global prices above $100 per barrel, especially amid growing concerns over shipping security in the Strait of Hormuz, a vital route for global oil exports.
