The federal government has announced another hike in the prices of petrol and high-speed diesel, with the revised rates coming into effect from midnight.

The Petroleum Division said in a notification that petrol price has been jacked up by Rs4.93 per litre and the new rate is now Rs320.73 per litre.

Price of high speed diesel has been increased by Rs7.15 per litre, increasing the new rate to Rs367.21 per litre.

The new prices were announced on the basis of recommendations of the Oil and Gas Regulatory Authority (OGRA) under the government’s current fortnightly fuel price review, stated the Petroleum Division.

The new pricing took effect from 12am and will remain until the next fuel price change.

— The Pakistan Stock Exchange (PSX) witnessed a last hour recovery on Monday as the benchmark KSE-100 Index managed to close in the positive zone following a steep fall in early trading.

Heavy selling pressure was witnessed at the opening of the first trading session of the week with the benchmark index falling over 2,000 points. The KSE-100 Index fell to 173,636 points in intraday trading, indicating the cautious mood of investors.

But purchasing demand came back later in the session and the market was able to wipe out most of its losses before the end.

The KSE-100 Index added 124 points to close at 175,927 points by the end of trade against the previous closing level.

The comeback was a bright spot amid a turbulent day of trading. The benchmark index had closed at 175,802 points at the finish of the previous trading session.

Market watchers said the session saw higher volatility as investors reacted to changing market circumstances before bargain hunting helped push the benchmark index into positive territory.

The Pakistan Stock Exchange has had a roller coaster ride in the last few sessions as investors continue to closely follow domestic economic developments, company earnings and global financial factors that could impact market sentiment in the coming days.

A slight decrease in the price of gasoline has been made available to motorists as a result of the announcement made by the federal government about revised prices for petroleum products. However, the rate of high-speed diesel has been dramatically increased.

The Petroleum Division has announced that the price of petrol has been decreased by Rs0.35 per litre, bringing the new retail price down to Rs315.80 per litre. This information was provided in a notification that was published last week.

On the other hand, the cost of high-speed diesel per litre has climbed by Rs5.71 since the previous price increase. The most recent revision has resulted in the new retail price of high-speed diesel being set at Rs360.06 per litre.

The Oil and Gas Regulatory Authority (OGRA) is responsible for conducting periodic assessments of petroleum prices based on international market trends and other important pricing considerations. The revised prices are a reflection of the most recent recommendations provided by the OGRA.

The updated rates for gasoline and diesel will go into effect at twelve o’clock in the morning, according to the Petroleum Division, and they will continue to be relevant until the next planned price revision follows.