ISLAMABAD: Pakistanis will have to pay more than Rs2 on the petrol price, which currently stands at Rs233.91, from today (Thursday) as the federal government has revised the fuel rates owing to the change in international oil prices.

“It is pertinent to mention that petroleum levy has been kept at minimum in order to provide relief to the consumers,” said the late-night notification issued on Wednesday.

Kerosene oil has been increased by Rs10.92 and sold at Rs210.32. Moreover, high-speed diesel was being sold at Rs247.43 after a Rs2.99 increase and light diesel oil for 201.54 after a Rs9.79 increase.

Oil prices extended their slide on Wednesday, led lower by worries that the global economy would slow further with renewed restrictions to curb Covid-19 in China, Reuters reported.

Brent crude futures for October due to expire on Wednesday, settled at $96.49, down $2.82 a barrel, or 2.8%. The more active November contract lost $2.20 to $95.64 a barrel. US West Texas Intermediate (WTI) crude futures ended down $2.09, or 2.3%, at $89.55 a barrel.

“The weakness coming out of China has played a significant role” in lowering prices, said Harry Altham, energy analyst for EMEA & Asia at StoneX Group in London. “There are fears of demand destruction across the West as interest rates rise and inflation concerns grip Western economies.”

The market has been primarily concerned with inadequate supply in the months following Russia’s invasion of Ukraine and as OPEC struggled to increase output. That drove near-term contracts to a sharp premium over later-dated futures earlier this year, but that pattern has reversed somewhat as output has increased.