Announcement of Change in Petroleum Product Prices, Notification Issued
ISLAMABAD (Daily Qudrat): OGRA has announced a change in the prices of petroleum products. According to the notification issued by the Petroleum Division, the price of petrol has been kept unchanged per litre, while diesel has been increased by Rs2.29 per litre.
The new price of petrol has been maintained at Rs377.91, and the price of high-speed diesel has been fixed at Rs402.96.
The new prices will take effect from 12 midnight tonight.
On the other hand, the upward trend in crude oil prices in the international market continues, with oil prices heading toward an increase for the fourth consecutive month. According to Arab TV, the fresh increase in oil prices on Friday came after reports that several oil tankers in the Strait of Hormuz allegedly struck mines.
This development once again highlighted the threats to global oil transportation and supply amid ongoing regional tensions. The incidents in the Strait of Hormuz have increased concern in the global energy market.
The price of December Brent crude futures rose by $1.20, or 1.04 percent, reaching $116.08 per barrel. Similarly, the price of US West Texas Intermediate (WTI) crude was recorded at $103.37 per barrel after an increase of $1.37, or 1.34 percent.
On a monthly basis, Brent crude prices are likely to rise by about 11 percent, while WTI prices are heading toward an increase of about 14 percent this month.
