Pakistan raises fuel prices as Mideast conflict hits energy supplies

Pakistan on Thursday raised fuel prices as the Middle East conflict disrupted energy supplies and drove up global costs.

The price of petrol per liter increased to 458.4 Pakistani rupees ($1.64) from 321.17 ($1.15), while high-speed diesel rose to 520.35 rupees ($1.86) from 335.86 ($1.20).

Petroleum Minister Ali Pervaiz Malik announced the hike at a news conference alongside Finance Minister Muhammad Aurangzeb, according to the local daily Dawn.

Malik said energy prices had surged in international markets due to the ongoing war.

"It has not just engulfed the entire region but the entire world as well," he said.

Shipping through the Strait of Hormuz, a critical route for oil and gas shipments, has sharply declined amid the US-Israeli war on Iran.

About 20 million barrels of oil pass through the strait daily, and its disruption has driven up oil prices as well as shipping and insurance costs, fueling global economic concerns.