Government Announces Increase in Petrol and Diesel Prices
ISLAMABAD: The federal government has announced another increase in the prices of petroleum products, raising petrol by Rs3.81 per litre and diesel by Rs3.59 per litre.
According to a notification issued by the Petroleum Division, the price of petrol has been increased to Rs341.59 per litre, while the price of high-speed diesel has been fixed at Rs368.29 per litre.
The new prices will take effect from midnight and will remain applicable until August 24.
The increase comes amid a rise in global crude oil prices following the announcement of new and tougher US sanctions against Iran.
According to media reports, Brent crude increased by $2.20, or 2.4 percent, to $93.82 per barrel, while US West Texas Intermediate (WTI) rose by $2.33 to $88.16 per barrel.
Prices of both international benchmarks reached their highest levels since July 24, marking a fifth consecutive trading session of gains.
Meanwhile, Iraqi Prime Minister Ali Faleh Al-Zeidi has said that Iraq plans to increase its oil production to between 8 million and 10 million barrels per day over the next six years.
In a statement, the Iraqi prime minister said a ministerial committee had been sent to Saudi Arabia to discuss an increase in Iraq’s production quota under OPEC.
He added that work was also underway to export Iraqi oil through Syria’s Baniyas port and Jordan’s Aqaba port.
