ISLAMABAD: The federal government has increased the prices of petroleum products, with the new rates taking effect October 9.
According to a notification issued by the Petroleum Division, the price of petrol has been increased by Rs2.31 per liter to Rs398.96 per liter.
The price of high-speed diesel has risen by 78 paisas per liter, bringing the new price to Rs395.72 per liter.
The revised petrol and diesel prices will remain applicable from October 9, according to the notification.
Earlier, Oil prices rose Thursday, driven by persistent concerns about supply from the Middle East amid escalating attacks on shipping in the Gulf and the Strait of Hormuz.
Brent crude futures gained $1.33, or 1.33%, to reach $101.53 a barrel by 0116 GMT. U.S. West Texas Intermediate crude futures rose $1.11, or 1.26%, to $89.39.
Prices had settled lower Wednesday after the International Energy Agency agreed to accelerate the release of oil stocks and prioritize diesel supplies under a plan launched in March, as governments seek to address record fuel prices and supply disruptions caused by the Iran war.
Threats to oil shipping in the Gulf and the Strait of Hormuz which carried shipments equal to about 20% of global oil and fuel before the war have increased in October as the U.S.-Israeli conflict with Iran enters its eighth month.
Attacks on tankers sailing through the Strait of Hormuz last week hit their highest level of any week since the Iran war began, as Gulf producers increase exports. The surge in attacks comes as more crude flows out of the Gulf but at higher costs and greater risk to cargoes and crew.
