Pakistan increased gasoline and diesel prices for the fourth time in two months after record crude oil prices increased import costs for refiners.

The prices of gasoline and diesel were increased by 3 rupees and 3.05 rupees a liter, respectively, according to a statementg on the Web site of the Oil & Gas Regulatory Authority late yesterday. The new prices are effective today.

Pakistan reviews domestic oil prices fortnightly, in line with global prices. Crude oil reached a record $119.93 a barrel in New York on April 28, the highest since futures trading started in 1983.

Pakistan subsidized oil-product prices for four years until March to shield consumers from high energy costs and to curb inflation. ... Read full article