The federal government on Thursday increased the prices of petrol and high-speed diesel (HSD) by Rs4.40 and Rs3.62 per litre, respectively, for July 24.

According to a notification issued by the Ministry of Petroleum, the price of petrol has been fixed at Rs331.52 per litre, while HSD will now cost Rs378.66 per litre.

The latest revision came after the government and the All Pakistan Petrol Pump Owners Association reached an agreement a day ago to postpone the association's planned nationwide shutdown for two weeks following successful negotiations with Petroleum Minister Ali Pervaiz Malik, who assured dealers that their long-pending concerns would be addressed.

READ: Nationwide petrol pump strike postponed for two weeks after govt assurances

This is the fourth consecutive day the government has revised the prices of petrol and HSD after deciding last week to switch to a daily fuel price review mechanism amid volatility in global oil prices following renewed hostilities in the Middle East.

Under the new system, daily fuel prices are based on a seven-day average of international market rates to align with international standards.

Oil prices spiked to $100 a barrel for the first time since May, major tech giants knocked US stocks lower, and Europe's borrowing costs spiked to long-term highs in an unsettling day across markets on Thursday.

Brent crude jumped 6% to $100.50 a barrel following attacks on tankers in the Red Sea that choked off a second crucial Middle East artery for global oil supplies alongside Iran's near-closure of the Strait of Hormuz. This marks the first time the international oil benchmark has hit that level since late May as the US-Iran war has heated up again.