ISLAMABAD: Federal government has increased the price of petrol by Rs1.20 per litre while reducing the price of high-speed diesel by 17 paisa, according to an official notification issued by the Petroleum Division on Wednesday.
The price of petrol has been raised to Rs393.86 per litre from Oct. 15, the notification said.
Meanwhile, the price of high-speed diesel has been reduced by 17 paisa per litre to Rs396.65.
The revised prices will take effect on October 15, according to the notification.
Earlier, Oil prices climbed Wednesday after two vessels were struck in the Strait of Hormuz and Iranian officials told Reuters they were deploying new tactics to target ships, as Tehran seeks to keep oil prices high and influence the U.S. midterm elections.
Brent crude futures rose 63 cents, or 0.6%, to $106.32 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude futures gained 66 cents, or 0.7%, to $94.80 a barrel. Both contracts rose more than $1 in earlier trade before paring some gains.
The Iranian officials declined to provide details of the new strategy, but one said Iran had started using different offensive tactics against vessels it considered in violation of its restrictions about 10 days ago, adding that this had led to an increase in attacks on such ships.
A container ship and a tanker were hit by unknown projectiles within the Strait of Hormuz, the United Kingdom Maritime Trade Operations said Tuesday.
