Pakistan government raises diesel prices by PKR 5/liter
Diesel prices increased after five consecutive fortnightly decreases
Business Desk
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This is the first increase in diesel prices after five consecutive decreases
The Pakistan government has announced a PKR 5 per liter increase in the price of high-speed diesel for the next fortnight due to rising international market trends.
According to a notification from the Ministry of Finance, the price of high-speed diesel is now PKR 251.29 per liter, while motor spirit (petrol) remains unchanged at PKR 247.03 per liter.
This is the first increase in diesel prices after five consecutive decreases.
Local fuel prices had started to ease from August 1, with petrol prices dropping by PKR 28 per liter and diesel by PKR 29 per liter. The revised prices take effect on October 16.Tension in the Middle East raised the crude oil prices to close to $79.10 a barrel.
U.S. crude futures fell more than 4% on Tuesday, after Israel reportedly told the U.S. that it is not planning to strike Iran's oil facilities, relieving fears that a major supply disruption in the Middle East is on the horizon.
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