Petrol has been increased by Rs6.88 per litre and diesel by Rs5.62 per litre.
The new price of petrol has been set at Rs391.22 per litre and diesel at Rs421.45 per litre. The new prices will take effect from midnight tonight. According to the announcement, international prices of crude oil and petroleum products remain high.
Global oil prices are also affecting Pakistan.
Meanwhile, the international price of crude oil has approached $108 per barrel, although prices recorded a slight decline after Saudi Arabia offered to supply additional crude oil via Oman.
The report said Saudi Arabia had offered to transport crude oil through an alternative route near Oman to provide additional supplies to the global market amid ongoing tensions in the Strait of Hormuz.
This development in the global energy market comes as commercial shipping through the Strait of Hormuz has declined significantly below normal levels, raising concerns about the global supply of crude oil and other energy products.
Saudi Arabia’s move to increase oil supplies through an alternative route is being described as an effort to ease supply pressures in the global market. However, oil prices are expected to remain volatile due to ongoing tensions in the region.
