The federal government announced on Wednesday evening a revision in fuel prices following a notification from the Oil and Gas Regulatory Authority (OGRA). Petrol prices were raised by Rs1.82 per litre, while the price of high-speed diesel (HSD) was lowered by 91 paisas per litre.
The updated prices will be effective from tonight and will remain until further notice, as stated in the OGRA notification. Petrol is now priced at Rs396.65 per litre, whereas diesel costs Rs394.94 per litre.
The Petroleum Division explained that these adjustments are tied to fluctuations in international petroleum prices. Over the past 24 hours, crude oil prices have increased globally, with Brent crude rising by 0.92 percent and US West Texas Intermediate (WTI) crude also gaining 0.92 percent.
Specifically, Brent crude oil prices climbed by 93 cents to reach $101.51 per barrel, while US WTI crude rose by 82 cents to $90.25 per barrel. This upward movement in oil prices is attributed to concerns about potential supply disruptions from US oil-producing regions and ongoing attacks by Yemen’s Houthi rebels targeting Saudi Arabia.
Despite these tensions, crude oil supplies from the Middle East have continued to grow, balancing some of the market pressures.
Leave an opinion