Petrol Price Takes a Big Jump: Rs12.9 Increase, HSD Up by Rs3.72 Per Litre

PAKISTAN: The federal government on Monday hiked the price of petrol and high-speed diesel (HSD) by Rs12.9 and Rs3.72 per litre, respectively, for September 8.

As per the ministry’s notification, petrol will be sold for Rs358.77 ($1.29 per liter) while HSD will cost Rs381.77 ($1.38) per liter. The new prices will be applicable from Sept. 8, Tuesday, the notification added.

Pakistan initially shifted from fortnightly to weekly price reviews of petroleum products after the US-Iran conflict erupted on Feb. 28. It later moved to daily adjustments in July as the volatility persisted.

Oil prices rose ​to a six-week high on Monday as Iran vowed to strike energy infrastructure across the Middle East in response to further ‌US attacks on its assets, the latest escalation in a conflict that has sharply reduced oil supply from the region.

Brent crude futures rose 85 cents, or 0.9%, to $97.13 a barrel by 12:38 pm EDT (1638 GMT), after hitting their highest point since July 24 at $98.06.

Changes in prices of petroleum products directly impact inflation. Petrol in Pakistan is used in private cars, rickshaws and two-wheelers such as motorcycles.