NEW YORK: Oil prices have increased once again in the global market due to the ongoing tension between the US and Iran.
Brent crude oil is being sold at $111 per barrel, and WTI at $107 per barrel. In addition, the price of Murban crude oil has reached $108 per barrel.
It should be noted that earlier, crude oil prices had increased in the global market due to US President Donald Trump’s rejection of Iranian proposals and the uncertainty over the opening of the Strait of Hormuz.
The government of Pakistan has announced new petrol rates effective from 16 May 2026 (Saturday).
The federal government has reduced the prices of petrol and diesel by Rs5 per litre each.
According to details surfaced on Friday, the price of petrol has been fixed at Rs 409.78 per litre, while diesel has been set at Rs 409.58 per litre. The Petroleum Division has issued a notification in this regard.
The revised prices will come into effect from midnight and will remain applicable for the next seven days.
The move came as a minor relief after a recent sharp increase in fuel prices.
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