ISLAMABAD: The federal government has increased petrol and diesel prices, according to a notification issued by the Petroleum Division on Monday.
The price of petrol has been raised by Rs1.54 per litre to Rs379.25, while high-speed diesel has become more expensive by Rs2.16 per litre, taking its new price to Rs395.82.
The revised prices will take effect from October 27, the notification said.
Earlier, Oil prices fell Monday after surging last week to near six-month highs, as hopes of easing hostilities between the United States and Iran tempered concerns, though persistent attacks on key producer Saudi Arabia kept investors wary.
U.S. West Texas Intermediate crude futures were down $2.23, or 2.16%, at $101.04 per barrel by 0426 GMT. Brent crude futures were down $2.21, or 1.89%, at $114.51.
On Friday, prices settled nearly $3 higher after Houthi attacks in Saudi Arabia stoked energy supply concerns. Brent finished the week up 6% and WTI ended 2.3% higher.
On Sunday, Qatari mediators traveled to Tehran as part of an effort to de-escalate regional tensions in coordination with the United States, an official briefed on the situation said.
"Concerns over renewed military hostilities in the Middle East, which drove much of last week's crude rally, have eased this morning, but the reprieve may prove temporary," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
