The Ministry of Finance has announced a hike in petroleum prices nationwide, citing the surge in global oil prices. The increase is attributed to a $3.82 per barrel rise in gasoline and a $4.30 per barrel increase in high-speed diesel prices on the global market over the past two weeks. Oil and Gas Regulatory Authority (OGRA) has recommended a Rs4.53 per liter increase in petrol and a Rs8.14 per liter increase in high-speed diesel prices. The ministry emphasized the direct impact of international prices and exchange rates on local petroleum costs, mentioning geopolitical tensions in the Middle East as a factor. They expressed hope for relief following a resolution of the crisis in the region.
