Islamabad (National Times): The government has announced a significant revision in petroleum prices, increasing petrol and diesel rates while reducing the price of kerosene oil.
According to the official notification, petrol prices have been increased by Rs. 26.77 per liter, bringing the new price to Rs. 393.35 per liter. Similarly, diesel prices have also been raised by Rs. 26.77 per liter, with the new rate set at Rs. 380.19 per liter.
The Petroleum Division has issued a formal notification stating that the revised prices will come into effect from midnight tonight.
Meanwhile, the government has reduced the price of kerosene oil by Rs. 63.60 per liter, setting its new price at Rs. 365.21 per liter.
Federal Minister for Petroleum, Ali Parvez Malik, stated that rising regional tensions have led to an increase in global oil prices. He added that due to international agreements, the government is compelled to pass on the burden of rising costs to consumers.
He further said that the government has absorbed as much of the global price hike as possible, expressing hope that regional stability will improve soon and relief can be provided to the public.