ISLAMABAD – Another major blow to consumers, as the government has once again announced a sharp increase in petroleum product prices, sending petrol and diesel rates further upward.
The price of petrol has been increased by Rs6.88 per litre, taking the new price to a staggering Rs391.22 per litre. The price of High-Speed Diesel (HSD) has also been raised by Rs5.62 per litre, pushing the new rate to Rs421.45 per litre. The revised prices are for September 17.
With the latest increase, petrol has moved even closer to the Rs400-per-litre mark, adding further pressure on motorists, commuters and businesses dependent on fuel. Petroleum Division cited latest increase to elevated international prices of crude oil and petroleum products, saying that developments in global oil markets were having a direct impact on domestic fuel prices.
The latest hike comes just a day after another increase in petroleum prices. The back-to-back increases mean consumers are facing another substantial rise in fuel costs within days.
Petrol is widely used by private motorists, motorcycles, rickshaws and other forms of road transport, while diesel is particularly important for heavy transport and commercial activity. Changes in both fuel prices can therefore feed into transportation and other operating costs.
In global market, Oil prices moved down today as reports of increased Saudi crude supplies helped ease concerns about disruptions to global oil supplies. A smaller-than-expected decline in U.S. crude inventories also added pressure on prices.
Brent crude $3.63 to $105 a barrel, while WTI fell $4.11 to $101.72 a barrel. Saudi Arabia was reportedly offering additional crude cargoes to Asian refiners through ship-to-ship transfers near Oman’s Sohar port.
