ISLAMABAD (Kashmir English): The price of Liquefied Petroleum Gas (LPG) has surged by Rs70 to Rs100 per kilogram, it emerged on Tuesday. The Marketing Association spokesperson, Ali Haider, declared that the retail price of LPG has increased from Rs250 per kilogram to a range between Rs320 and Rs350 per kilogram.
The Marketing Association announced that supply shortages and price increases have existed since the beginning of the Iranian conflict. The association urged the government to arrange LPG imports from Russia or Oman to stabilize the market.
The federal government declared a substantial increase in petroleum prices because of supply issues that have arisen during the current US-Israel-Iran war. The government implemented a major petrol and diesel price hike of Rs55 per litre on Friday, which raised petrol prices to Rs321.17 per litre and diesel prices to Rs335.86 per litre.
The price surge, effective midnight Saturday, marks a staggering 17% jump for consumers nationwide. Global Oil Prices After Trump’s unexpected statement about the Iran conflict, global oil prices declined to $88.18 per barrel.
The sharp drop came even as other key benchmarks moved in the opposite direction, with Brent Crude rising 6.76% to $98.96 per barrel and Murban Crude climbing 6.71% to $110.20.
The international energy markets experience extreme price fluctuations, which result from the rising geopolitical tensions between the United States, Israel, and Iran.
Initial fears that the conflict could disrupt Middle Eastern oil supplies pushed global prices above $100 per barrel, especially amid growing concerns over shipping security in the Strait of Hormuz, a vital route for global oil exports.
