Islamabad: (RightNow) The government has announced new prices for petroleum products. Petrol prices have been reduced by 35 paisa per liter, while diesel prices have increased by Rs 5.71.

The federal government issued a notification based on OGRA’s recommendations, effective from July 21. The new petrol price is set at Rs 315.80 per liter, and diesel at Rs 360.06 per liter.

The Petroleum Division stated that the increase in diesel prices may raise transportation and agricultural costs, potentially leading to higher inflation.

The rise in global crude oil prices is due to tensions between the US and Iran. Brent crude oil has reached $90.35 per barrel, with West Texas Intermediate prices also rising.

It is important to note that the increase in global oil prices could impact Pakistan’s economy. Prices may rise further if tensions escalate.