The government has increased petrol price by Rs4.80 per litre.
The new petrol price is now Rs262.59 per litre.
Along with this, the price of High-Speed Diesel (HSD) has increased by Rs7.95.
The price will now change after 15 days.
The new petrol price will take effect from June 16.
Earlier, the government announced the imposition of Rs77 per litre petroleum levy and Rs5 per litre carbon levy on furnace oil and Rs2.5 per litre charge on petrol and diesel from July 1.
After Israel launched fresh attacks on Iran on Friday, international oil markets reacted swiftly. Brent crude prices climbed, with petrol increasing by $1.98 per barrel to $73.79, while high-speed diesel rose $2.54 per barrel to $78.68. The premium on petrol also increased by $2.16 per barrel to $79.35. The HSD premium, however, remained unchanged at $3.25 per barrel.
As a result, domestic fuel prices are likely to rise. Estimates suggest petrol could go up by Rs4.38 per litre and HSD by Rs5.02 per litre starting June 16. Without factoring in adjustments from Pakistan State Oil (PSO), petrol’s base cost has already increased by Rs3.98 per litre to Rs141, while HSD has jumped by Rs4.66 per litre to Rs145.58.
Customs duties are also set to rise slightly with charges on HSD moving Rs14.20 to Rs14.56 per litre and on petrol from Rs13.70 to Rs14.10. Furthermore, USD to PKR exchange rate edged up from Rs282.20 to Rs282.49, exerting further upward pressure on local fuel prices.
