Govt hikes petrol price by Rs14.92, high-speed diesel by Rs15

Federal government raised the rate of petrol by Rs14.92 and HSD by Rs15 each per litre for the next week owing to the crisis of fuel due to the blockade of the Strait of Hormuz caused by the ongoing war between USA and Iran.

Petrol rate will be raised to Rs414.78 while the rate of HSD will go up to Rs414.58.

Fuel prices are being reviewed on a weekly basis every Friday night, a policy adopted in the wake of global market volatility following the conflict involving the United States and Israel against Iran that began on February 28.

The situation had disrupted global energy supplies, particularly due to the closure of the Strait of Hormuz, a key route through which around one-fifth of the world’s oil and gas supply passes during normal conditions.