Price of petrol raised by Rs1 before Eid

ISLAMABAD: The federal government declared a Re1 increase in petrol prices early on Sunday, just a few days before Eidul Azha.

The new cost of petrol price in Pakistan is now Rs253.63 per litre.

The change will be implemented from June 1 (today) and will be effective for the next 15 days, as stated in a notification from the Finance Division.

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Meanwhile, the price of high-speed diesel (HSD) will stay the same at Rs254.64 per litre.

The decision follows a previous announcement made two weeks ago, when the government chose to maintain petrol prices at Rs525.63 pre litre, while reducing the HSD price by Rs2.

The latest adjustments come amid relatively stable global oil market condiitons. On Friday, US crude futures saw a decline as traders speculated that OPEC+ might decide to increase oil production for July.

Brent crude futures closed down 25 cents at $63.90 a barrel, while West Texas Intermediate crude ended down 15 cents at $60.79 a barrel.

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The new petrol price will take effect at midnight.