Finance Minister Ishaq Dar on Saturday announced an increase of Rs10 per litre in the price of petrol.
After the latest revision, the price of petrol has risen to Rs282.
The minister announced the hike in a late-night live address, during which he said the prices of diesel and light diesel oil would remain unchanged at Rs293 and Rs174.68, respectively.
However, he added, the price of kerosene was being increased by Rs5.78 to Rs186.07.
The minister said the new prices will be effective from 12am on Sunday.
At the outset of his address, the minister said the prices of petroleum products had increased in the international market in the past 15 days.
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in US crude stockpiles.
Brent crude futures rose 64 cents, or 0.8 per cent, to $84.82 a barrel at 0557 GMT, while US West Texas Intermediate futures gained 67 cents, or 0.8pc, to $80.41 a barrel. Crude futures also climbed as the dollar eased on expectations that the US Federal Reserve was getting closer to ending its rate hike cycle. A weaker greenback makes oil cheaper for those holding other currencies.
Signs of strong fuel demand in India, the world’s third-biggest oil consumer, in March also supported prices.
Last month, fuel consumption jumped by 5pc from a year earlier to a record 4.83 million barrels per day.
Oil futures have climbed more than 5pc since the Organisation of the Petroleum Exporting Countries and allies, including Russia, surprised the market last week with a new round of production cuts starting in May.
from The Dawn News - Home https://ift.tt/cztY2Lp
No comments:
Post a Comment