Government Announces Major Increase in Petrol and Diesel Prices

ISLAMABAD: The government has announced a significant increase in the prices of petroleum products, raising the price of petrol by Rs5.77 per litre and diesel by Rs6.47 per litre.

According to a notification issued by the Petroleum Division, the new price of petrol has been set at Rs331.20 per litre, while diesel will now cost Rs390.42 per litre.

The new prices have been fixed for one day and will take effect from midnight tonight.

Meanwhile, crude oil prices declined in international markets on Monday. According to a Bloomberg report, West Texas Intermediate (WTI) crude oil futures for September delivery fell by $0.62 to $81.78 per barrel, while Brent crude futures for October delivery declined by $0.17 to $88.35 per barrel.

Gold and silver prices, however, recorded gains. Gold increased by $16.20 to $4,453.50 per ounce, while silver rose by $0.68 to $65.79 per ounce.

Commodity prices showed a mixed trend. December corn futures increased by $1.25 to $484.50 per bushel, while December wheat futures declined by $1.50 to $688 per bushel.