The price of Liquefied Petroleum Gas (LPG) has seen a sharp increase of Rs70 to Rs100 per kilogram, officials confirmed on Tuesday.
Ali Haider, spokesperson for the Marketing Association, said retail rates of LPG have risen from Rs250 per kilogram to between Rs320 and Rs350 per kilogram. He cited ongoing supply shortages and price increases as the main reasons behind the surge.
The Marketing Association urged the government to consider importing LPG from Russia or Oman to stabilize domestic prices. Officials warned that without intervention, further increase in LPG rates is likely in the coming weeks.
This development comes shortly after the federal government announced a massive increase in petroleum prices due to global supply concerns linked to the ongoing US, Israel, and Iran conflict. On Friday, petrol prices rose by Rs55 per litre, reaching Rs321.17 per litre, while high-speed diesel increased to Rs335.86 per litre, marking a 17% jump for consumers nationwide.
Global oil prices, however, showed mixed trends. West Texas Intermediate dropped to $88.18 per barrel after statements by former US President Donald Trump regarding the Iran conflict. In contrast, Brent Crude rose 6.76% to $98.96 per barrel, and Murban Crude climbed 6.71% to $110.20 per barrel.
The contrasting movements reflect ongoing volatility in global energy markets, driven by geopolitical tensions in the Middle East. Shipping security in the Strait of Hormuz, a key route for oil exports, continues to influence prices and fuel availability.
Analysts say the combination of local supply shortages and international uncertainty is driving the increase in LPG and fuel prices. They caution that consumers should expect further price adjustments until global and domestic supply stabilize.
The government is under pressure to manage energy imports efficiently. Steps to increase LPG supply and stabilize fuel prices are considered urgent to prevent further financial strain on households across the country.
In other news read more about: LPG Prices Rise Once More in Pakistan During Ramadan 2024; Updated Rates Available
