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Wednesday, June 19, 2024  
12 Dhul-Hijjah 1445  

Govt increases petrol price by nearly Rs10, slashes diesel rate by over Rs3

Adjustments are in line with policy of passing on variations of prices in int’l market to domestic market
A commuter looks at a fuel pump as a worker fills fuel in his motorcycle in Karachi on June 2, 2022. APP/File
A commuter looks at a fuel pump as a worker fills fuel in his motorcycle in Karachi on June 2, 2022. APP/File

The federal government increased on Sunday the petrol rate by nearly Rs10 and slashed the diesel price by more than Rs3 ahead of Eidul Fitr.

The new petrol rate after the Rs9.66 increase is Rs289.41 while the diesel price fell from Rs285.56 to Rs282.24 after the reduction of Rs3.32.

“The above price adjustments are in line with the government’s policy of passing on the variations of prices in the international market to the domestic market,” the Finance Division said in a press release.

The consumer price of high-speed diesel has accordingly decreased once again, after a downward revision in the middle of March, the ministry added.

Such an increase in petrol price was expected following the international oil prices. The decision was part of the government’s fortnightly revision of the rate. On March 15, the government kept the petrol price unchanged and decreased the diesel rate by Rs1.77.

Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers while diesel is used in heavy vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and thrashers.

Oil prices jumped more than $1 a barrel on Thursday, closing out the month higher on the prospect of OPEC+ staying the course on production cuts, ongoing attacks on Russia’s energy infrastructure and a falling US rig count tightening crude supplies.

Brent crude futures for May settled at $87.48 a barrel, its highest level since Oct 27, after gaining $1.39, or 1.6%. The more actively traded June contract settled at $87 a barrel, rising $1.58, with the May contract expiring on Thursday.

US West Texas Intermediate (WTI) crude futures for May delivery settled at $83.17 a barrel, rising $1.82, or 2.2%.

On the week, Brent rose 2.4% and WTI gained about 3.2%. Both benchmarks finished higher for a third consecutive month.

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