ISLAMABAD: The federal government on Monday night announced a sharp increase in petrol and High Speed Diesel (HSD) prices, with petrol becoming Rs12.90 per litre more expensive and diesel rising by Rs3.72 per litre.

According to the revised notification, petrol will now be sold at Rs358.77 per litre, while the price of High Speed Diesel has been increased to Rs381.77 per litre.

The revised prices were approved following an updated notification issued by the Oil and Gas Regulatory Authority (OGRA).

The latest increase comes amid frequent revisions in petroleum prices, which are linked to fluctuations in international oil markets.

The repeated increases in petrol and diesel prices have added to the financial pressure on consumers, particularly as fuel costs affect transportation, electricity generation and the prices of goods and services.

The new prices were announced after a two-day break in the government’s petroleum price notification.

‘If tensions ease, oil prices will come down’

Meanwhile, Planning Minister Ahsan Iqbal said international oil prices could decline if tensions in the region eased.

“If tensions in the region ease, oil prices will also come down,” Iqbal said, adding that the government was working to help reduce tensions in the region.

The remarks came as the government continued negotiations with Jamaat-e-Islami (JI) over measures to provide relief to consumers facing higher fuel prices.

JI has demanded an Rs80-per-litre reduction in the petroleum levy imposed on petrol and diesel.

JI chief Hafiz Naeemur Rehman said the party’s negotiating team had presented its proposals with detailed arguments, while the government had sought time to consult relevant departments before responding.

The government assured JI on Monday that it would consider the party’s proposals, with another round of talks scheduled after three days.

Iqbal said the government welcomed constructive proposals from political parties and would examine JI’s recommendations.

“Every government wants to create ease for the people,” he said.

JI Deputy Chief Liaquat Baloch said the party had presented six proposals aimed at providing relief to the public, including withdrawal of the Rs80-per-litre petroleum levy on petrol and diesel.

The negotiations come as rising global oil prices and regional tensions continue to put pressure on Pakistan’s economy, while the government also faces fiscal constraints under its economic programme.