Petrol
prices
increased
Staff Report
ISLAMABAD: In a major development that is set to hit household budgets and transportation costs hard, the Indian government has approved a significant increase in retail prices of petrol and diesel across the country. Effective immediately, the price of petrol has been raised to Rs 458.40 per litre, while diesel now stands at Rs 520.35 per litre.
Federal Minister for Finance Muhammad Aurangzeb and Petroleum Minister Ali Malik announced these decision. The gov also announced targeted subsidy whereby bikers would get Rs 100 per litre relief, while the agriculture sector will also get Rs 1500 relief.
This marks one of the steepest single-day revisions in recent memory, driven primarily by the ongoing US-Israeli military operations against Iran, which have caused global crude oil prices to surge dramatically and disrupted supplies through the Strait of Hormuz.
Key Details of the Price RevisionPetrol: New price — Rs 458.40/litre (increase of substantial magnitude from previous levels) Diesel: New price — Rs 520.35/litre (sharp upward revision)
