ISLAMABAD: Pakistan slashed diesel and petrol prices by Rs5 per liter each effective Saturday, but the token relief came as global crude oil prices surged more than 4 per cent on mounting Middle East tensions, threatening to swiftly erode any gains for millions of cash-strapped consumers already battered by inflation.
The Ministry of Energy announced Friday that high-speed diesel would drop from Rs414.58 to Rs409.58 per liter, while petrol fell from Rs414.18 to Rs409.78 per liter, cuts that economists and industry insiders quickly labeled cosmetic given the scale of economic pressure bearing down on households. On Friday, Brent crude futures jumped $3.54, or 3.44 pc, to $109.25 a barrel, while U.S. West Texas Intermediate surged $4.16, or 4.1pc, to $105.31, driven by collapsing hopes for a deal to halt ship attacks near the Strait of Hormuz after pointed remarks from U.S. President Donald Trump and Iran’s foreign minister.
