The Pakistani government has announced another hike in petroleum prices, adding to the public's financial burden amid rising inflation . According to the latest notification, petrol prices have increased by 9.99 Pakistani rupees per liter, setting the new price at Rs 275.60 per liter.

High-speed diesel prices have also risen significantly, with an increase of 6.18 Pakistani rupees per liter, bringing the new price to Rs 283.63 per liter.

This rise in petroleum prices is expected to have a cascading effect on the cost of goods and services, further straining household budgets and impacting economic stability.

In contrast, petrol and diesel in India are retailing at Rs 94.72 per liter and Rs 87.62 per liter respectively, based on Delhi rates.

Currently, one Indian rupee is equivalent to 3.32 Pakistani rupees in currency market.

India vs Pakistan Inflation Inflation in Pakistan accelerated in June for the first time in six months, driven by increasing energy costs . Consumer prices rose by 12.57% year-on-year, as reported by the Pakistan Bureau of Statistics.

This increase aligns closely with the median estimate of a 12.7% rise from a Bloomberg survey and higher than the May's 11.8% increase.

Meanwhile, India's retail inflation also saw a rise for the first time in five months, reaching 5.08% annually in June due to rising food prices.

This figure is up from the previous month's 12-month low of 4.75%, as shown by government data released on Friday.

Global Brent Prices Oil prices remained steady in early Asian trade on Wednesday, with global benchmark Brent crude hovering near a one-month low reached in the previous session.

This stability is due to weakening demand growth in China, countered by the prospect of declining U.S. oil stockpiles.

Brent crude oil futures dropped by 11 cents, or 0.1%, to $83.62 per barrel.

Similarly, U.S. West Texas Intermediate crude futures fell by 11 cents, or 0.1%, to $80.65 per barrel.

Concerns about demand in China continue to affect market sentiment, as noted by ANZ Bank analyst Daniel Hynes.

The Chinese economy grew by 4.7% in the second quarter, the slowest growth since Q1 2023, as per official data earlier this week.

Moreover, a stronger U.S. dollar has pressured oil prices.

The dollar index rose slightly for a third consecutive session on Wednesday, making oil more expensive for investors holding other currencies.

These demand concerns and the strengthening dollar have offset signs of tightening supply in the United States, the world's largest oil producer and consumer.