Caretaker govt hikes petrol price by Rs17.50 – SUCH TV

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Ministry of Finance on Tuesday notified an increase in petrol price by Rs17.50 per litre, taking it to Rs290.45.

Other than that, the price of high speed diesel was also increased by Rs20 per litre. The new price of the diesel is Rs293.40 per litre. However, the price of light speed diesel and kerosene oil remains unchanged.

The next change in rates of petroleum products will be made on August 31.

Earlier today, the sources privy to the development said a comprehensive document outlining potential adjustments to the pricing of petroleum products had been meticulously crafted.

The sources added that the price of petrol was poised to soar by an estimated Rs12 per litre, while diesel was expected to command an even heftier increase of Rs20 per litre.

On August 1, Shehbaz Sharif-led government decided to jack up petrol prices by a staggering Rs19.95 per litre and diesel price by Rs19.90 per litre.

On the other side, the recent data from the Institute of Statistics underscores the economic implications, revealing a substantial 40 per cent drop in the annual imports of petroleum products during the month of June.

In stark contrast to the previous year, where imports tallied at a formidable 418 billion rupees, the same period this year witnessed a significant contraction, with petroleum imports plunging to 252 billion rupees.

Simultaneously, the global crude oil market had been experiencing its own tumultuous journey, marked by significant fluctuations in prices. Reports indicate that Brent oil prices underwent a 1 per cent decrease, settling at 85.74 dollars per barrel.

A parallel drop was observed in the US crude oil market, with prices sliding by 1.3% to stand at 82.12 dollars per barrel.



POST AUTHOR: admin.web@suchtv.pk (Web Desk)

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