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Government Increases Diesel Price Amidst Global Oil Market Uncertainty
The government has increased high-speed diesel prices by Rs 5 per litre, while petrol remains at Rs 247.03. Rising global oil prices due to Middle East tensions are affecting Pakistan.
ND
by News Desk
2024-10-16
Government Increases Diesel Price Amidst Global Oil Market Uncertainty

The government has announced revised petroleum prices, raising the cost of high-speed diesel while maintaining the current price of petrol, amid growing uncertainty in global oil markets.

 

According to the new notification, the price of high-speed diesel has been increased by Rs 5, bringing it to Rs 251.29 per litre from the previous Rs 246.29 per litre. However, the price of petrol remains unchanged at Rs 247.03 per litre.

 

Light diesel and kerosene prices have also been kept steady at Rs 140.90 per litre and Rs 154.90 per litre, respectively.

 

This increase in diesel prices is expected to have a ripple effect on Pakistan's economy, impacting transportation costs and leading to higher prices for various goods and services. Fuel price changes typically affect the overall cost of living for the average consumer.

 

The global oil market has been under pressure due to rising tensions in the Middle East, which has caused a spike in crude oil prices amid fears of potential supply disruptions. According to the foreign news agency "Reuters," the price of crude oil in the world market has surged, influenced by the geopolitical situation and the recent U.S. interest rate cut. Additionally, economic struggles in China, the world’s largest crude oil importer, have added to the uncertainty.

 

It is worth noting that between June 1 and October 1, the price of petrol in Pakistan has decreased by Rs 21.23 per litre, and the price of diesel has been reduced by Rs 18.67 per litre. Despite these reductions, the recent hike in diesel prices comes in the backdrop of ongoing global instability and concerns over oil supply.

 

This latest adjustment follows the government’s earlier decision on September 15 to reduce petroleum prices, a move that surprised many as it came despite strict conditions from the International Monetary Fund (IMF).

 

As the situation in the Middle East remains fragile, further volatility in crude oil prices may impact future pricing decisions in Pakistan.
Tagged:

FuelPrices

PetrolPrice

DieselPriceHike

OilMarket

GlobalEconomy
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