PESHAWAR – Prices of Liquefied Petroleum Gas (LPG) saw a massive increase in open market of Peshawar and Lahore with authorities taking no action to implement official rates.
The LGP gas is being sold at Rs380 to 420 per kilogram in various parts of Peshawar while the rates hover at Rs450-460 in Lahore – ar above the government-set rate of Rs304 per kilogram. Reports indicated that similar price discrepancies are being observed in other major cities across Pakistan.
The spike comes as tensions in the Middle East have driven up global oil prices. Brent crude oil rose by 6.27% to reach $114 per barrel, while UAE’s Murban crude climbed 3.54% to $107 per barrel.
Conversely, U.S. crude saw a 1.5% decline, settling at $105 per barrel. Experts warn that sustained increases could intensify inflation and pose challenges to the global economy.
Strait of Hormuz has once again become center of fast-moving geopolitical storm, as Iran sharply rejects the latest US-led maritime initiative, calling it “Project Deadlock” and warning that military pressure will only deepen the crisis.
In a tense escalation, Iranian Foreign Minister Abbas Araghchi said the situation unfolding around Hormuz proves there is no military solution to what he called a deeply political confrontation. The top diplomat also warned that continued escalation could drag regional and global powers into a prolonged quagmire, even as diplomatic backchannels, reportedly involving mediation efforts from Pakistan, remain active.
The already volatile situation around Strait of Hormuz intensified sharply, with Iran issuing a strong warning that the crisis cannot be resolved through military force and accusing external powers of escalating tensions dangerously.
He said talks are progressing with facilitation efforts from Pakistan, while warning both the United States and the United Arab Emirates not to be pulled deeper into what he called a dangerous confrontation. Araghchi also rejected the US-backed initiative “Project Freedom,” branding it a path toward deadlock rather than resolution.
US President Donald Trump issued severe warning, saying Iran would face devastating consequences if it targeted American vessels involved in operations in the region. He claimed Iran had become more open to negotiations but insisted that US military strength in the region has been significantly reinforced, with upgraded weapons and ammunition deployed.
