ISLAMABAD: The federal government on Wednesday announced another increase in petroleum prices, citing disruptions to global maritime trade and concerns over fuel supplies following the blockade of the Strait of Hormuz.

According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the price of petrol has been increased by Rs6.39 per litre, taking the new rate to Rs327.12 per litre.

The price of high-speed diesel (HSD) has also been raised by Rs7.83 per litre, with the new price set at Rs375.04 per litre.

The revised prices will take effect from midnight and will remain applicable for July 23, the notification said.

The increase comes after the federal government decided to revise petroleum prices on a daily basis in response to volatility in international oil markets and disruptions to global fuel trade.

Earlier in the day, the Pakistan Petroleum Pump Dealers Association called off its planned nationwide strike after Petroleum Minister Ali Pervaiz Malik sought two weeks to address the dealers’ demands through negotiations.

However, association representative Hamayun Khan said the group remained committed to its demands, claiming the government had yet to provide a satisfactory resolution to the issues raised by petroleum dealers.