The Government of Pakistan increased the petrol price by Rs1.35 per litre and diesel by Rs3.85 per litre as the finance ministry announced new rates following the fortnightly revision.
After the hike, the new petrol price is Rs248.38; high speed diesel is Rs255.14. The new rates will come into effect from midnight.
But the light diesel price was decreased by Rs2.61 per litre and the kerosene oil rate by Rs1.48 per litre, according to the finance ministry notification.
The Kerosene oil is available at Rs161.54 and the light diesel oil at Rs147.51.
International oil prices rose on Thursday as investors priced in stronger US fuel demand and the potential for OPEC+ to delay a planned output increase in December, five days ahead of the US election, Reuters reported.
Brent futures rose by 54 cents, or 0.74%, to $73.09 a barrel by 1:09pm EDT. WTI futures were up 51 cents, or 0.74%, at $69.12.
In the last review, the government kept the petrol price unchanged while it increased the HSD rate by Rs5 per litre.
Pakistan’s fuel rates are determined by a pricing formula approved by the government.
In the fiscal year budget, the government increased the maximum petroleum levy from Rs60 to Rs70 per litre to collect Rs1.28 trillion. The target is nearly Rs150 billion higher than the previous year’s collection of Rs1.019 trillion and exceeds the budget target of Rs869 billion.
The government has imposed about Rs78 per litre tax on petrol and HSD.
