Petrol will now cost Rs 310.71 per litre, while high-speed diesel will be priced at Rs 323.30 per litre.
The federal government on Friday increased the prices of petrol and high speed diesel (HSD) by Rs 13.18 and Rs 13.80 per litre, respectively, for the next week, as global oil markets remain volatile following the recent escalation between the United States and Iran.
According to a press release issued by the Petroleum Division, the new price of petrol has been fixed at Rs 310.71 per litre, while HSD will cost Rs 323.30 per litre.
The revised prices will take effect from midnight on Friday.
Read also: Government reduces petrol and diesel prices by Rs 1.97 per liter
The latest increase follows renewed tensions between the United States and Iran, which have once again sent global oil prices soaring after both countries traded strikes this week. The escalation comes despite both sides reaching a tentative agreement last month to end a four-month conflict that had disrupted global energy supplies.
Over the past month, the government had reduced oil prices to Rs 76 per liter following the easing of tensions and the signing of the Islamabad Memorandum of Understanding.
Last week, the government reduced the prices of petrol and high speed diesel (HSD) by Rs 1.97 per liter each. The biggest reduction, however, came last month when it cut the price of petrol by Rs 74 per liter and that of HSD by Rs 67 per litre.
The latest increase came as global oil supply posted its biggest monthly rise in months in June, with the recovery in shipments through the Strait of Hormuz boosting Gulf output, although output remained well below pre-war levels due to persistent security disruptions, the International Energy Agency (IEA) said on Friday.
According to the latest IEA report Oil market reportHowever, global oil production remained around 9.4 million barrels per day (bpd) below levels recorded before the US-Israel-Iran war, despite a strong recovery in June.
The report said oil supplies from Gulf producers increased by around 3.5 million bpd during the month after output partially recovered following the US-Iran framework deal. However, intermittent disruptions to shipping through the Strait of Hormuz persisted due to security concerns and continued reliance on US naval escorts, leaving regional oil production around 11.4 million bpd below pre-war levels.
Read more: Global oil production recovers as Hormuz shipments resume, IEA says
Output from the OPEC+ group, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, rose by around 2.45 million bpd in June to 38.39 million bpd.
Saudi Arabia accounted for about 900,000 bpd of the increase, while Kuwait contributed about 630,000 bpd.
Production from non-OPEC+ producers increased by around 1.63 million bpd to 60.37 million bpd, with the United Arab Emirates accounting for more than half of the increase at about 940,000 bpd.
