The federal government on Friday hiked the price of petrol by Rs14.92 and that of high-speed diesel (HSD) by Rs15 for the next week amid the fuel crisis triggered by the blockade of the Strait of Hormuz amid the war between the United States and Iran.

According to a press release from the Petroleum Division, the new petrol price is Rs414.78 and the new HSD price is Rs414.58 per litre.

The new prices will remain applicable from Friday midnight.

This is the second consecutive increase since April 30, when the government raised petrol prices by Rs6.51 per litre and high-speed diesel (HSD) prices by Rs19.39 per litre amid the ongoing fuel crisis caused by the blockade of the Strait of Hormuz.

Since rising tensions between the United States and Iran in the Middle East led to a surge in petroleum prices, the government has increased fuel prices by more than 50 per cent.

The US and Israel launched an attack on Iran in February, after which Tehran retaliated with strikes and closed the Strait of Hormuz, disrupting global oil supplies and triggering a sharp rise in international oil prices.

Amid the rising prices, the government, in the first week of March, increased petroleum product prices twice, noting that the hikes exceeded the increase in the international market. However, the most significant increase was witnessed in April this year.

Earlier this month, the government raised the petrol price by Rs137 per litre, taking it to a record Rs458.4. However, a few days later, the prime minister, in a televised address, announced a Rs80 per litre reduction in the petroleum levy on petrol, bringing its price down to Rs378 per litre.

Last week, the government again increased the prices of both high-speed diesel (HSD) and petrol by Rs26.77 per litre despite no corresponding increase in international rates, as it imposed nearly Rs27 per litre additional levy on fuel to push prices higher.

Just a week later, it again raised petroleum product prices, bringing them close to Rs400 per litre.