Govt hikes petrol price by Rs10:
Ishaq Dar, Federal Minister of Finance, revealed that the government raised the fuel price by Rs10 per litre for the next fortnightly review.
According to a statement published by the Finance Division, the cause for the hike was a spike in worldwide gasoline costs and currency changes.
According to the announcement, the new price for petrol is Rs282 per litre, while the prices for high-speed diesel and light diesel oil remain constant at Rs293 and Rs174.68 per litre, respectively.
The price of paraffin oil, on the other hand, has risen by Rs5.78 per litre, to Rs186.07 per litre from Rs180.28 per litre.
The new pricing, according to the minister, will go into effect at 12 a.m. on Sunday, April 16.
The minister began his statement by mentioning that petroleum product prices have risen in the worldwide market during the previous 15 days.
Oil prices rose on Tuesday owing to many factors, including the likelihood of Chinese economic stimulus, strong demand in Asia, and a fall in US crude stocks.
Brent oil prices rose 0.8% to $84.82 per barrel, while US West Texas Intermediate futures rose 0.8% to $80.41 per barrel.
Crude futures rose as the US dollar fell, making oil cheaper for people holding foreign currencies, on expectations that the US Federal Reserve was reaching the end of its rate hiking cycle.
Furthermore, India’s strong fuel demand in March, which increased by 5% to a record 4.83 million barrels per day, contributed to the rise in oil prices.
Oil futures have risen by more than 5% since the Organisation of Petroleum Exporting Countries and its partners, including Russia, announced a fresh round of production cutbacks last week.
These reductions are slated to begin in May.
